Wealth

Case study: dealing with a loved one's estate

Discover how Venna coped with the practicalities after her mother passed away.

Venna was 57 when her mother died unexpectedly. At first, she felt overwhelmed by the practicalities, but she found her mother’s commitment to planning for the unexpected helped relieve the pressure.

Losing a loved one

Venna’s mother was active and independent, so it came as a shock when she passed away in her sleep. As the only child, Venna had to take control of all the arrangements — and she was both touched and hugely relieved to discover her mother had done everything she could to make this difficult time a little easier.

The benefits of planning

Venna knew her mother had made a will, and she expected to be named executor — but she was worried about what the role would involve. In fact, her mother had appointed a trustee company to act as executor and manage her estat e. She also discovered that her mother had taken out a funeral bond to cover the cost of her funeral.

Managing the estate

This was the first time Venna was coping with someone close to her passing away. A representative of the trustee company talked her through the process of managing her mother’s estate, and what the trustees’ role was. She learned that:

The word “estate” generally covers everything with any value that a person owns at the time of their death.
The trustees would gather information about Venna’s mother’s assets and debts and apply for probate. This legal process confirms the trustee company is holding a valid will.
Once the trustees receive a Grant of Probate, the company would begin distributing Venna’s mother’s estate, in line with the wishes in her will.
It takes time for the beneficiaries of the will to receive their bequests, with a year being a typical period.

Woman smiling

A way of caring

Knowing her mother had sought to reduce the amount of work and stress she would face was a great comfort to Venna at such a sad time. “Taking care of all the details of the funeral, as well as the will, was such a loving thing for her to do,” she says.

Tips for dealing with the practicalities after the death of a relative

Venna was lucky that her mother had left a will, appointed an executor and planned her own funeral. Whatever the circumstances, the tips listed below can help you deal with the administrative aspects of bereavement.

Tips on dealing with a relatives estate

Look for the latest will

As part of the probate process, the court asks for evidence that you have the latest will. This generally means you’ll need to search the house, talk to relatives and check with a family lawyer or solicitor. In some states, you’ll need to publish a notice of intention on the Supreme Court website.

Locate important documents

The more relevant documents you can find, the easier it will be to identify your loved one’s assets and liabilities. Typically, these include cheque books, bank statements, insurance and superannuation policy documents, details of any investments in shares or property, and recent tax returns.

Identify the executor

A valid will includes the name of the executor — the person responsible for dividing the estate according to the will’s directions. This would most likely be a close friend or family member, or a trustee company. If you have been named executor, you can ask for someone else to be appointed if you can’t, or don’t want to, take on the role.

Register the death

By law the death must be registered with the Registry of Births, Deaths and Marriages in your state or territory so that it can issue a death certificate. You can do this yourself or, if you’re having a funeral, the funeral director will usually do it for you.

Arrange the funeral

If no other arrangements have been made, you will usually need to pay the funeral home up-front, although the cost will eventually be covered by the estate. However, many people make sure their funeral costs are covered by paying in advance, taking out insurance or investing in a funeral bond.

Make your own plans

Coping with the death of a loved one shows just how important it is plan for your own future. This could include making a will, covering the costs of your funeral, and appointing a trustee company to take care of the legal and financial details, so your family are spared unnecessary worry and work.

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