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Step 34 - Finalise & Distribute the Deceased Estate

Last updated: June 2019

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Why is this important?

This step explains everything you need to know to finalise and distribute the estate to all Beneficiaries. This will be the final step of the deceased estate administration and should be followed in detail to avoid personal liability.

 

simplyEstate is here to help with the process. Contact us via email or book a first free phone appointment.

Approximate Effort & Cost

Reading: 1 hour
Preparing: 2-6 hrs
Completing: 2 hrs – 5 days
Waiting: 14 – 30 days
Total: 14.5-36 days
Cost: unknown

Effort and cost are general estimates only and are based on the assumption that you complete this step without specialist help.

Instructions

To find out how this Process Guide works, access the instructions here.

Glossary

To find out what the capitalised words mean, access the glossary here.

Forms

Notice of Intent to Distribute Estate

Form 4Accounts of Executors and Administrators (pp. 39-40)
Form 5Notice of Filing Accounts (p. 41)

 

Transfer Real Estate

Form T1Transfer of Land Form
Form T2Transfer of Land Form

Notice of Intent to Distribute Estate

Form 144Notice of filing of accounts
Form 114Notice of Intended distribution

 

Transfer Real Estate

Form 03ADTransmission application by executor, administrator or trustee
Notice of Sale Form completed online

Transfer Real Estate

Proof of Identify Formverified by Australia Post
Form 49TLAApplication by legal personal representative
Statutory Declaration Form

Transfer Real Estate

Form 6Transmission application for registration as devisee/legatee
Form 24A – Property information (transmission application)
Form OSR D2.2

Other forms not listed here may be required based on your specific circumstances.

Legislation

ADMINISTRATION ACT 1903 (WA) Sections 12A – 15 (Austl.) (accessed 18/10/2018)
TRUSTEES ACT 1962 (WA) Section 63 (Austl.) (accessed 20/10/2018)
ADMINISTRATION ACT 1903 (WA) (Austl.) (accessed 20/10/2018)
NON-CONTENTIOUS PROBATE RULES 1967 (WA) Rule 37 (Austl.) (accessed 20/10/2018)
FAMILY PROVISION ACT 1972 (WA) (Austl.) (accessed 20/10/2018)

SUCCESSION ACT 2006 (NSW) Sections 101 – 109A (Austl.) (accessed 18/10/2018)
PROBATE AND ADMINISTRATION ACT 1898 (NSW) Section 92 (Austl.) (accessed 20/10/2018)
SUCCESSION ACT 2006 (NSW) Section 93 (Austl.) (accessed 20/10/2018)

ADMINISTRATION AND PROBATE ACT 1958 (VIC) Sections 70D, 70J – 70N, 70Z – 70ZK (Austl.) (accessed 18/10/2018)
ADMINISTRATION AND PROBATE ACT 1958 (VIC) (Austl.) (accessed 20/10/2018)

SUCCESSION ACT 1981 (QLD) Sections 35 – 39 (Austl.) (accessed 18/10/2018)
SUCCESSION ACT 1981 (QLD) (Austl.) (accessed 20/10/2018)

Legislation shown may not be comprehensive and other legislation and rules may apply to your specific circumstances.

34.1 Overview

You have reached the final step of the deceased estate administration process, congratulations. Now that you have determined the full value of the deceased estate, know exactly what it is made up of and have paid all necessary debts and taxes, you can now distribute the deceased estate to the eligible Beneficiaries. You should undertake the following to finalise and distribute the deceased estate:

  • finalise the Assets & Liabilities Inventory;
  • determine through the Will or legislation which assets and liabilities transfer to which Beneficiary;
  • inform Beneficiaries of their final inheritance;
  • distribute the deceased estate; and
  • close the estate accounts.

You should work through the following steps to ensure you finalise and distribute the deceased estate properly.

 

Contents
34.2 Key Considerations Before and After Distribution
34.3 Pay all Final Debts and Bills (if Solvent)
34.4 Submit a Final Estate Tax Return
34.5 Reconcile Final Assets & Liabilities Inventory
34.6 Review Eligibility of Beneficiaries and Inheritance
34.7 Prepare and Issue a Statement to Each Beneficiary
34.8 Publish Notice of Intent to Distribute
34.9 Distribute the Deceased Estate (Real Estate Title Transfer, Cash Payment Transfer etc.)
34.10 Close Accounts
34.11 File all Deceased Estate Administration Documents
34.12 Actions and Decisions to Complete Step

34.2 Key Considerations Before and After Distribution

It is a difficult balance to determine the ideal time to distribute the deceased estate. On the one hand, you as the Executor or Administrator want to ensure you are not personally liable when distributing too early and not completing all the necessary steps and waiting for the various claim periods to expire. On the other hand, if you wait to distribute after 12 months of the death, the Beneficiaries may be eligible to claim annual interest at 2% above the official cash rate target published by the Reserve Bank of Australia (available here). Therefore, distribution between six to 12 months from the date of death is a good guide but may not apply to your situation and should be discussed with the Beneficiaries so the challenges are understood.

 

All persons involved in the estate administration, including Beneficiaries, need to be aware that claims against the estate can still be made by anyone at this point and beyond the expiry of the claim periods and notices.

34.3 Pay all Final Debts and Bills (if Solvent)

As outlined in Step 14 – Pay Bills & Other Debts, you should have always kept a good eye out for any debts or debt repayments that are due to avoid late payment, additional interest or other charges during the estate administration.
Now that you are finalising the estate and preparing for distribution, you should check that all final debts and bills of the estate were paid and finalised. If there are outstanding payments make these now.

 

If you want to recap this topic again just to be sure you have thought of everything, refer to Step 14 – Pay Bills & Other Debts and return to the final step once fully understood and actioned.

a telephone handset to indicate that our users can make a phone consultation booking simplyEstate is here to help. Contact us via email or book your free first phone appointment.

34.4 Submit a Final Estate Tax Return

After all debts and bills were paid, you will need to lodge a final estate tax return (trust tax return) if capital gains resulted from the sale of assets or income above the tax-free threshold of $18,200 (as at 2018/19) was generated from the deceased estate assets such as:

  • interest on ‘Estate of Late’ bank accounts;
  • investment returns such as dividends on shares;
  • income from an investment property or letting the deceased person’s home;
  • income from a trust as a Beneficiary;
  • income from capital gains after the sale of an appreciating asset;
  • income from franked dividends;
  • money from a business; or
  • any other form of income as defined by the ATO.

You will need to receive a tax assessment to know how much tax is payable from the estate and either pay immediately or retain that portion of funds aside before distribution.

 

If you need to lodge a tax return for income generated, you should follow Step 32.4.3 Deceased estate tax return (trust tax return).

34.5 Reconcile Final Assets & Liabilities Inventory

Once all debts, bills and taxes were paid, you should finalise the Assets & Liabilities Inventory. You should check that all items making up the distributable assets and liabilities of the estate are accurately reflected and are in possession of the deceased estate. This process of checking what you have listed against the valuation report and bank statements is called a reconciliation and ensures the figures captured are correct and all assets are held in trust by the estate.

 

The simplyEstate Assets & Liabilities Inventory is a great tool that helps you capture all assets and liabilities during the deceased estate administration process.

 

Once the inventory is reconciled and finalised, you should not make any changes. If you have to make a correction, you will need to reconcile again.

You will likely need to lodge this inventory with the Supreme Court as part of the note of intent to distribute the estate, explained below.

34.6 Review Eligibility of Beneficiaries and Inheritance

The eligibility of Beneficiaries and how much they are entitled to depends mainly on the Will, if one was put in place by the deceased person, and/or each State/Territory legislation.

34.6.1 With a Will

Where a valid Will is in place and you have received a Grant of Probate from the Supreme Court in the relevant State/Territory, the eligibility and distribution of the deceased estate will be governed by that Will.

 

Because the Will went through the Grant of Probate process, you can be confident that the Will is valid and was not contested if you provided statutory notice in line with the State/Territory requirements as outlined in Step 27.9 Publish the Statutory Notice.

 

The Will may however still be contested, or claims could still be made against the estate, even at this stage. However, the process outlined in Step 34.8 – Publish Notice of Intent to Distribute below will ensure that sufficient notice is provided to avoid issues once the deceased estate was distributed and protect you as the Executor who managed the estate.

34.6.2 Without a Will (Intestate)

If you as the Administrator have applied to the Supreme Court for Letters of Administration as outlined in Step 27 – Apply for Grant of Probate or Letters of Administration, the eligibility and entitlements of each Beneficiary are determined by law in each State/Territory as outlined below.

 

The following persons related to the deceased person may be eligible to receive an inheritance, listed by priority. Note that in some instances not all persons listed will be a Beneficiary and mostly it will be a combination of Beneficiaries that are eligible.

  • Spouse (including de facto partners based on rules);
  • Children;
  • Parents;
  • Siblings (brothers and sisters);
  • Nieces and nephews (if their parents, the siblings of the deceased person, died before the deceased person);
  • Grandparents;
  • Aunts and uncles; and
  • Other levels of relatives in various combinations.

If no Letters of Administration were needed, you will need to follow the rules set out in the relevant State/Territory legislation. simplyEstate provides an Intestate Beneficiary Assessment Tool below to help you determine who may be an eligible Beneficiary.

 

It is strongly recommended to seek legal advice to support with this or verify your proposed distribution. simplyEstate has partnered with Specialist Partners across Australia in your State/Territory as listed in the yellow section to the right or below.

 

Where no Will is available or was not valid, the intestate rules are outlined as follows for each relevant State/Territory:

The following Intestate Beneficiary Assessment Tool will give a general indication about which Beneficiaries may be eligible and how the estate may be distributed as inheritance. Simply answer a few questions and email your results by completing your details below and clicking send.

 

Relevant Legislation (Intestacy Rules)
ADMINISTRATION ACT 1903 (WA) Sections 12A – 15, 24 (Austl.) (accessed 18/10/2018)

 

Please note this is only a guide and is not legal advice as per our Terms & Conditions, which is available here.

 

Questions:

The following Intestate Beneficiary Assessment Tool will give a general indication about which Beneficiaries may be eligible and how the estate may be distributed as inheritance. Simply answer a few questions and email your results by completing your details below and clicking send.

 

Relevant Legislation (Intestacy Rules)
SUCCESSION ACT 2006 (NSW) Sections 101 – 140 (Austl.) (accessed 18/10/2018)

 

Please note this is only a guide and is not legal advice as per our Terms & Conditions, which is available here.

 

Questions:

The following Intestate Beneficiary Assessment Tool will give a general indication about which Beneficiaries may be eligible and how the estate may be distributed as inheritance. Simply answer a few questions and email your results by completing your details below and clicking send.

 

Relevant Legislation (Intestacy Rules)
ADMINISTRATION AND PROBATE ACT 1958 (VIC) Sections 70A – 70ZL (Austl.) (accessed 18/10/2018)

 

Please note this is only a guide and is not legal advice as per our Terms & Conditions, which is available here.

 

Questions:

The following Intestate Beneficiary Assessment Tool will give a general indication about which Beneficiaries may be eligible and how the estate may be distributed as inheritance. Simply answer a few questions and email your results by completing your details below and clicking send.

 

Relevant Legislation (Intestacy Rules)
SUCCESSION ACT 1981 (QLD) Sections 34 – 39D (Austl.) (accessed 18/10/2018)

 

Please note this is only a guide and is not legal advice as per our Terms & Conditions, which is available here.

 

Questions:

34.7 Prepare and Issue a Statement to Each Beneficiary

If you have determined the Beneficiaries and their entitlements based on the Will, intestacy rules or any other legislation in the relevant State/Territory, you should inform each Beneficiary. To do so you should add to the simplyEstate Assets & Liabilities Inventory the names of each intended Beneficiary for each asset and liability.


Based on this information you can then prepare a statement including the total value of the estate and their particular inheritance and what it is made up of (e.g. real estate, land, cash, artwork, jewellery etc.) for each Beneficiary.

 

In this statement you should also request the Beneficiary’s:

  • availability for a meeting to discuss the inheritance;
  • bank details for cash transfers;
  • other required documents to complete transfers including proof of identity;
  • arrangements to transfer furniture or other bulkier items inherited.
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34.8 Publish Notice of Intent to Distribute

Now that you have informed each Beneficiary and have agreed the distribution, you will need to publish a notice of intent to distribute with the Supreme Court in the relevant State/Territory.

 

This notice is required to protect you and the Beneficiaries by allowing official and sufficient notice about the intent of the deceased estate distribution. This again allows any creditors, other family members or previous spouses who believe to be a Beneficiary, to make a claim.
As part of this application, the Supreme Courts will likely need submission of the simplyEstate Assets & Liabilities Inventory stating all assets, liabilities, receipts and disbursements of the deceased estate, even if have already provided this during the Grant of Probate or Letters of Administration process.

 

This step also protects you as the Executor or Administrator from any claims made against your personal assets should the deceased estate have been distributed and a future claim is made.

 

Follow the process outlined by clicking on your relevant State/Territory:

Supreme Court of Western Australia

Phone: 08 9421 5333
Contact Hours: Monday – Friday, 8:00am – 4:00pm AWST
Address/Post: Supreme Court of WA, Level 11, David Malcolm Justice Centre, 28 Barrack Street, Perth WA 6000

 

In Western Australia the deceased estate accounts and a plan of distribution must be lodged with the Supreme Court’s Registry within 12 months from the date of the Grant of Probate or Letters of Administration.

 

Timeframe of Notice
The notice of passing accounts must be filed with the Registry for at least 14 days prior to you being able to submit the accounts to the Court for passing.

 

Relevant Documents

  • Form 4Accounts of Executors and Administrators (pp. 39-40)
  • Form 5Notice of Filing Accounts (p. 41)

Relevant Legislation & Rules
TRUSTEES ACT 1962 (WA) Section 63 (Austl.) (accessed 20/10/2018);
ADMINISTRATION ACT 1903 (WA) (Austl.) (accessed 20/10/2018);
NON-CONTENTIOUS PROBATE RULES 1967 (WA) Rule 37 (Austl.) (accessed 20/10/2018);
FAMILY PROVISION ACT 1972 (WA) (Austl.) (accessed 20/10/2018).

Supreme Court of New South Wales

Phone: 1300 679 272
Opening Hours: Monday – Friday, 8:30am – 4:30pm AEST
Email: [email protected]
Address: Law Courts Building, Level 5, 184 Phillip Street, Sydney NSW 2000
Post: Supreme Court of NSW, GPO Box 3, Sydney NSW 2001

 

Timeframe of Notice
The Notice of filing the deceased estate’s accounts must be published for at least 14 days before an application to the Supreme Court of NSW for notice of intended distribution can be made.
The notice to distribute the deceased estate must have been published for at least 30 days.

 

Relevant Documents
The following two forms need to be completed:

  • Form 144 – Notice of filing of accounts; and
  • Form 114 – Notice of Intended distribution.

Process – Online
The online portal for the Supreme Court of NSW allows you to complete and submit both the notice of filing of accounts and notice of intended distribution here.

 

If you haven’t used the portal previously to submit notice of intention to apply for Grant of Probate or Letters of Administration (as outlined in Step 27), you need to register here.

 

To register you will need two of the following documents ready to identify yourself:

  • Australian Driver’s license;
  • Australian electoral roll;
  • Medicare card;
  • Australian passport;
  • Australian Citizenship Certificate;
  • Change of Name Certificate; and
  • Phone Book.

Process – Paper
If you cannot or do not want to apply for notice online, you can complete:

  • Form 144Notice of filing of accounts; and
  • Form 114Notice of Intended distribution.

Once completed, you can post these to the Supreme Court of NSW including the filing fee.

 

Case Number
You should use the same case number that you received when you published the intention to apply for Grant of Probate or Letters of Administration, so it is all linked together.

 

Relevant Legislation
PROBATE AND ADMINISTRATION ACT 1898 (NSW) Section 92 (Austl.) (accessed 20/10/2018);
SUCCESSION ACT 2006 (NSW) Section 93 (Austl.) (accessed 20/10/2018).

 

Instructions

Supreme Court of Victoria

Phone: 03 9603 9300 (option 1 for Probate and Wills)
Opening Hours: Monday – Friday, 9:30am – 4:00pm AEST
Email: [email protected]
Address: Level 2, 436 Lonsdale Street, Melbourne Victoria 3000
Post: Probate Office, Supreme Court of Victoria, 210 William Street, Melbourne Victoria 3000

 

The Supreme Court of Victoria may request that administration accounts be produced and filed from you as the Executor or Administrator. You should check with the Supreme Court if you should lodge estate accounts or intention to distribute before proceeding.

 

If you would like to talk to one of simplyEstate’s Specialist Partners, check their details in the yellow section to the right or below to receive help.

 

Relevant Legislation
ADMINISTRATION AND PROBATE ACT 1958 (VIC) (Austl.) (accessed 20/10/2018)

Supreme Court of Queensland

Phone: 07 3236 1855
Opening Hours: Monday – Friday, 9:00am – 4:00pm AEST
Email: [email protected]
Address: QEII Courts of Law Complex, 415 George Street, Brisbane Qld 4000
Post: PO Box 15167, City East Qld 4002

 

The Supreme Court of Queensland may request that administration accounts be produced and filed from you as the Executor or Administrator. You should check with the Supreme Court if you should lodge estate accounts or intention to distribute before proceeding.

 

If you would like to talk to one of simplyEstate’s Specialist Partners, check their details in the yellow section to the right or below to receive help.

 

Relevant Legislation
SUCCESSION ACT 1981 (QLD) (Austl.) (accessed 20/10/2018)

34.9 Distribute the Deceased Estate

Once you have made the necessary applications to the relevant Supreme Court and the notice periods in the relevant State/Territory has expired, you can follow the below steps after carefully reading the following paragraphs.

 

Important Notice
Note that a claim made against the deceased estate after distribution, may mean that you as the Executor or Administrator are personally liable and may have to pay such a claim from your personal funds.

 

You can however avoid this by following these timeframes:

  • deceased estate should only be distributed after six months from the date of the Grant of Probate or Letters of Administration (WA, VIC) or six months from the date of death (NSW, QLD);
  • the intent to distribute the deceased estate was published in accordance with the relevant State/Territory requirements (see Step 34.8 above);
  • the time specified in the notice of intent to distribute the deceased estate has expired; and;
  • The Executor or Administrator does not have notice of an application or intended application for a family provision order or other claim against the deceased estate.

It is important to remember that family provision claims can be made up until 12 months from the date of death in some States/Territories. Hence it is best to wait for the 12-month period after the death has expired to distribute the deceased estate depending on the family situation of the deceased person. Interest payments may be claimed by the Beneficiaries after 12 months, which needs to be taken into consideration as well.

If a claim or notice of intention to claim from the estate is received, it is recommended to wait for three months prior to distributing the deceased estate.

 

If you need to distribute the deceased estate before expiry of the periods mentioned above for reasons such as maintenance for a financially dependent spouse, you should seek agreement from all Beneficiaries in writing first. This agreement requests agreement that Beneficiaries accept the risk of early distribution and agree to repaying from their inheritance any amounts due from future claims against the deceased estate. This will indemnify you from your personal liability. You should seek legal advice if you are pressured to distribute the estate early and want to draft such an agreement with Beneficiaries.

 

If you distribute after expiry of the periods listed above, you should in most cases be protected from being personally liable for future claims after distribution. It is recommended to seek legal advice to be certain about the waiting periods that apply to your specific circumstances. Contact one of simplyEstate’s Specialist Partners listed in the yellow section to the right or below.

 

Once you have decided you are ready for distribution, you can follow the below steps for the most common assets:

34.9.1 Cash

Cash is the simplest asset to transfer as it can be transferred from the ‘Estate of Late’ bank account to each Beneficiary’s bank account electronically or at a branch.
Always make sure to double-check the account details are correct as funds transferred to a wrong account may not be recoverable.

 

When transferring large amounts, it may be better to validate the bank details by making a small payment first to check receipt with the Beneficiary before transferring the remainder.

34.9.2 Real Estate and/or Land

Where real estate and/or land is distributed to one or more Beneficiaries as outlined in the Will, Grant of Probate, Letters of Administration or as per the distribution rules outlined in the various Acts in your State/Territory as specified above, you should follow these following steps.

 

You as the Executor or Administrator can transfer the real estate to Beneficiaries only if the real estate was transferred to the deceased estate and the title currently shows your name as outlined in Step 30.4.3.

Landgate

Phone: 08 9273 7373
Opening Hours: Monday – Friday, 8:30am – 4:30pm AWST
Email: [email protected]
Address: 1 Midland Square, Midland WA 6056
Post: PO Box 2222, Midland WA 6936

 

Office of State Revenue

Phone: 08 9262 1400
Opening Hours: Monday – Friday, 8:30am – 4:30pm AWST
Email: [email protected]
Address: QBE House, 200 St Georges Terrace, Perth WA 6000
Post: GPO Box T1600, Perth WA 6845

 

Process – Transfer to Beneficiaries
To complete the transfer to the right Beneficiaries, you will need to complete and provide the following information:

  • Form T1Transfer of Land;
  • Form T2Transfer of Land;
  • Duplicate Title (you received this after completing the transfer of title as per Step 30.4.3); and
  • Registration fees payable.

Note: You must present all completed forms and documents at the Stamp Duties Division of the Office of State Revenue to assess if stamp duty is payable before submitting your documents to Landgate.

 

Refer to page 6 of the guide for examples of how the forms should be completed here.

NSW Land Registry Services

Phone: 1300 052 637
Opening Hours: Monday – Friday, 8:30am – 4:30pm AEST
Online Enquiry: You can send an email online here
Address: 1 Prince Albert Road, Queens Square, Sydney NSW 2000
Post: GPO Box 15, Sydney NSW 2001

 

Office of State Revenue

Phone: 1300 139 816
Opening Hours: Monday – Friday, 8:30am – 5:00pm AEST
Email: [email protected]
Address: 132 Marsden St, Parramatta NSW 2150
Post: Revenue NSW, GPO Box 4042, Sydney NSW 2001

 

Process – Transfer to Beneficiaries
To complete the transfer to the right Beneficiaries, you will need to complete and provide the following information:

  • Proof of Identify;
  • Certified copy of the Death Certificate;
  • Original Grant of Probate or Letters of Administration;
  • Certificate of Title;
  • Form 03ADTransmission application by executor, administrator or trustee;
  • Notice of Sale Form completed online here; and
  • Registration fees payable.

Note: You must present all completed forms and documents at the Stamp Duties Division of the Office of State Revenue to assess if stamp duty is payable before submitting your documents to NSW Land Registry Services.

 

The complete guidelines can be accessed here.

VIC Land Registry Services

Phone: 03 9194 0601
Opening Hours: Monday – Friday, 8:30am – 4:00pm AWST
Address/Post: 2 Lonsdale Street, Melbourne VIC 3000

 

State Revenue Office

Phone: 13 21 61
Opening Hours: Monday – Friday, 8:30am – 4:30pm AWST
Online Enquiry: You can submit an online enquiry here
Online Lodgement: You can lodge online here
Address: 121 Exhibition Street, Melbourne Vic 3000
Post: GPO Box 1641, Melbourne VIC 3001

 

Process – Transfer to Beneficiaries
To complete the transfer to the right Beneficiaries, you will need to complete and provide the following information:

  • Proof of Identify Form and verified by Australia Post as outlined here;
  • Certified copy of the Grant of Probate or Letters of Administration
    Certificate of Title;
  • Duplicate Certificate of Title if issued (where the real estate is mortgaged the bank must produce the duplicate title);
  • Form 49TLAApplication by legal personal representative;
  • Statutory Declaration Form; and
  • Registration fees payable

Note: You must present all completed forms and documents at the Stamp Duties Division of the Office of State Revenue to assess if stamp duty is payable before submitting your documents to VIC Land Registry Services.

 

The complete guidelines can be accessed here.

Queensland Titles Registry Office

Phone: 13 74 68
Opening Hours: Monday – Friday, 8:30am – 4:30pm AEST
Address: Level 11, 53 Albert Street, Brisbane QLD 4000
Other Offices in the State: Find an office near you here
Post: GPO Box 1401, Brisbane QLD 4001

 

Commissioner of State Revenue

Phone: 1300 300 734
Opening Hours: Monday – Friday, 8:30am – 5:00pm AEST
Online Enquiry: You can submit an online enquiry here
Post: GPO Box 2593, Brisbane Qld 4001

 

Process – Transfer to Beneficiaries
To complete the transfer to the right Beneficiaries, you will need to complete and provide the following information:

  • Proof of Identify (Australian driver’s license or passport);
  • Original or certified copy of the Death Certificate;
  • Original Certificate of Title (can be purchased online here);
  • Form 6Transmission application for registration as devisee/legatee;
  • Form 24AProperty information (transmission application); and
  • Registration fees payable.

Note: You must check if any transfer duty is payable before submitting the relevant and completed documents as outlined above for your circumstances to the QLD Titles Registry Office.

 

You must complete and submit via post to the Commission of State Revenue:

and one of the following:

  • Certified copy of the Will; or
  • Certified copy of the Grant of Probate or Letters of Administration.

34.9.3 Furniture & Other Valuables

Furniture and other valuables will need to be arranged to be collected with the Beneficiary. If you held these items in storage or in your possession, you should agree a pick-up date and time.

 

If you used storage facilities, these can be cleaned and closed to ensure you don’t incur any further fees.

34.10 Close Accounts

After the estate is fully distributed, you can close all associated accounts such as:

  • ‘Estate of Late’ bank accounts;
  • Investment accounts used to generate income during the administration process;
  • Insurances held while the items were held in trust;
  • simplyEstate subscriptions and accounts; and
  • anything else that you put in place or made use of to assist with the administration.

34.11 File all Deceased Estate Administration Documents

Now that the deceased estate administration is distributed and finalised, you should file all documents for at least seven years. Keep the documents clearly labelled in a place that is safe from flooding, fire and unauthorised access.

 

These records may be needed in case there is a tax or other inquiry into the estate administration and will help you produce documents when required.

34.12 Actions and Decisions to Complete Step

If you would like a little help from us at simplyEstate with this Step, you can email us or book your free first phone appointment. If you would like specialist help, get in touch with one of our Specialist Partners listed in the yellow section to the right or below and see how they can help.

 

If you have decided to tackle this Step yourself after reading and understanding this Step, you may want to:

  1. Read Step 34.2 – Key Considerations Before and After Distribution above carefully before proceeding;
  2. Pay all final outstanding debts and bills that you were able to defer until such time that the estate funds are available to you to make payment;
  3. Submit a final deceased estate tax return (trust tax return) where income generated was greater than the tax-free threshold of $18,200 (as at 2018/19) or capital gains resulted from asset sales;
  4. Finalise the eligible Beneficiaries based on the Will or legislation and which assets and liabilities transfer to which Beneficiary;
  5. Issue the Beneficiary Statement to each Beneficiary with their final inheritance and agree details for transfer such as bank account, title document transfer and pick-up of furniture and other items;
  6. Make the final distribution from the deceased estate to each Beneficiary;
  7. Close the estate bank accounts and any other services used; and
  8. File all documents in paper or electronically.

Congratulations on finalising the deceased estate administration!

Thank you for letting us at simplyEstate guide you through the deceased estate administration process.

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