Dealing with the loss of your loved ones can be a difficult time to navigate, so we have prepared some information to guide you through.
take the time to look after you
A few important suggestions about dealing with the loss of a loved one:
build your support team
You may need the assistance of a lawyer, accountant and financial planner to assist you through the estate process. If you have an existing relationship with these professionals than this is the logical choice. If you need help sourcing professionals then we can help you.
try to locate the important documents
The first steps in the process are simple. It is important to gather all the documents that have your spouse’s name on them ready for the executor. Here are some examples of the documents that you will need:
A copy of the Will
You will also have to provide some documentation of your own:
A Will is a legal document that states how the deceased person’s belongings are to be distributed after their death. The Executor of the Will is responsible for distributing the person’s assets to the people named in the Will. This happens after any debts are paid.
If your spouse does not have a Will, the estate is shared under a formula set by law. If there are no close relatives there is a chance the estate could be paid to a state or territory government.
who is the executor?
An executor of an estate refers to an individual who is appointed as the administrator to manage the estate of a deceased person by the Will. Their main role is to carry out the instruction and wishes of the deceased as stated in their Will.
The executor will assist with the following tasks relating to:
what is ‘an estate’?
An estate refers to all the assets and liabilities (such as property, valued items and money) that are left by a person at death which go on to form their estate, and are distributed according to the deceased’s Will.
However, it is important to be aware that often not all the deceased’s assets go on to form their estate after their death. Some of the more common example include:
arranging the funeral
When arranging the funeral, here are some questions to consider:
what is probate?
The granting of probate is the legal process of administering the estate of a deceased person, which resolves all claims and distributes the deceased person’s property under a Will. A probate
court establishes the legal validity of a testator’s (the deceased) Will and grants its approval, also known as granting probate, to the executor. The probated Will thus become a legal instrument that may be enforced by the executor in court if necessary.
These are the items required prior to applying for probate.
speak to us
We at Bongiorno’s will be here to support you in any way that you need. Please don’t hesitate to contact your advisor if you have any questions.
As this general advice has been prepared without taking account of your objectives, financial situation or needs, you should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.
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