WHAT HAPPENS DURING ESTATE ADMINISTRATION?

StagesOfEstateAdminstration

Estate administration is rarely a quick process. It can take anywhere from eight months to two years, or even more. Below are some indicative timings that may alter depending on the complexity of the estate and which state or territory the estate is being administered in.

Stages of Administration

  • Number1

    Stage one

    • Make the necessary funeral arrangements
    • Identify the assets and any liabilities
    • Collect all necessary documents, keys and valuables
    • Secure and/or insure the Estate
    • Publication of Notice of Intention to apply for Probate or Letters of Administration
  • Number2

    Stage two

    • Collect or take control of assets
    • Notify creditors, and confirm and pay liabilities
    • Obtain income tax clearance to the date of death
    • Prepare final estate tax return
    • Bring or defend any legal action for or against the estate
    • Commence distribution of the estate
    • Wait out the Testator Family Maintenance Period

  • Number3

    Stage three

    • Final distribution of the estate
  • Number4

    Stage four

    The Executor may continue to administer and manage assets after final distribution if:

    • A trust is established
    • Assets are held for children under the age of 18
    • Income from the Estate is payable to beneficiaries during their lifetime