Administering a Deceased Estate Properly – What needs to be done?

in Process  by Robyn Walker 0 comments

When someone close to you passes away, there is a lot to consider in closing down their life. And often there is a huge difference in people’s perception of what is involved compared to the reality. Following on from my earlier blog post about the process involved, I expand on the various aspects of deceased estate administration in more detail.

 

Personal possessions can be many and varied when it comes to sorting out your loved one’s home. Memories abound as you find out what they have kept, often for decades. Some people find it cathartic to spend time sorting through these possessions while others find it quite painful. Either way, it is always quite time consuming and time is often something we find is in short supply these days with our busy lives. At Swansong, we are able to help in the following ways:

 

  • Sorting through personal possessions in the home.
  • Sorting through all paperwork into three categories – ‘to be kept for family’, ‘requiring confidential destruction’ and ‘recycling’.
  • Removing all items that need to be dumped.
  • Packaging up clothes and shoes and arranging collection by Salvation Army.
  • Identifying any items of value and getting quotes from appropriate dealers.
  • Organising for house lot clearance for any remaining effects.
  • Sale of motor vehicles.

 

Selling a house is often a priority for the family as this helps avoid paying ongoing fixed costs like rates, water rates, insurance and power bills. However, it is not always just as simple as calling up a local real estate agent. First you need to prepare the property for sale once it is empty, which can involve cleaning, garden tidying and essential repairs to the house. Once it is ready, it is a good idea for you to assess at least two different real estate firms in order to get a sound market appraisal and the best deal for the Estate. All of this takes up lots of your time and can involve you having to visit the property repeatedly for the various organisations involved. Swansong can help with any or all of these activities and is experienced in assessing suitable real estate agents for selling the property.

 

You will know how often you are contacted by various organisations, some legitimate, others for sales and marketing offers. Some accounts are very important to close properly, such as tax, bank accounts, property and vehicle related organisations to avoid unnecessary expenses. In addition, over time we all accumulate a lot of memberships, accounts, loyalty cards and usually find ourselves on many mailing lists, both physical and digital. It can be very time consuming to work out how to make contact with each organisation, be it by email, an online contact form, by phone, or occasionally in writing, so you can close the account or membership down. Swansong can help in closing down the myriad of connections for you and we know the best way to contact a lot of companies in Auckland. Here are some examples of the types of organisations you may need to contact in order to close accounts and memberships.

 

  • Driver’s Licence
  • IRD – Tax
  • Passports
  • Pension
  • Bank Accounts
  • Retail membership and loyalty cards
  • Property – utilities, rates, phones, internet, insurance, alarm monitoring
  • Car – registration, insurance
  • Airline frequent flyer memberships
  • Medical – doctor, optometrist
  • Library membership
  • Registrar of Electors
  • Mailing list membership

 

One of the more formal things you need to do as an Executor is to write letters to each named beneficiary in the Will. After identifying the bequests stated in the Will, as Executor, you need to prepare and send a letter to each beneficiary telling them about the bequests left to them and when you’re expecting you’ll be able to give the item or money to them. You will need to send letters at different times during the Estate administration process, starting with after the Will is read, then when the bequests can be distributed and finally after the distributions have been made. It may all sound very formal but is part of the process that protects you as Executor so you can prove you did it all properly, should that ever be necessary. Swansong is able to assist with preparing the letters ready for the Executor to sign and is able to liaise with beneficiaries through the estate closure process on behalf of the Executor.

 

So, as you can see, there is quite a bit involved in administering a deceased estate. Swansong’s mission is to free up people like yourself at a time when you could be grieving or getting on with your life. We can dramatically cut down the hours required on your part and realise the value of the assets much more quickly. Let us know today if we can help in any way.