Once Probate has been granted, the Executor becomes the legal personal representative of the deceased. The Executor collects the deceased person’s assets and pays the deceased’s debts. At this time, it is important to find out the date and costs of acquisition of the deceased’s assets for the purposes of Capital Gains.
Funeral expenses are first and then there is a particular order in which the other debts must be paid. After funeral expenses are paid, the Executor is entitled to claim any expenses relating to the administration of the Estate before other debts are paid.
Once debts have been paid, assets are either distributed amongst the beneficiaries according to the terms in the Will or they are sold, and the money is divided among the beneficiaries.
Finally, the Executor must prepare a distribution report and statement for the beneficiaries, showing what the assets were, how much money resulted from any sale of assets and what expenses and debts were paid.
Our experienced probate lawyers in Adelaide, SA can provide professional advice to guide you through the process so every step is conducted in a lawful and streamlined way.