We have had quite a few clients come to us with requests to help them with Executor/Estate duties. This is not an easy process at a time you are grieving a personal loss, and so after many years of helping clients we have some helpful hints.
Please note that if you have been named as executor of an estate, it is important that you understand your duties and legal obligations. It is a time-consuming task, that often requires specialist legal, financial and administrative skills and this is where we can help.
A good estate lawyer can also be of help with the legalities, paperwork and possible lodgement of Grant of Probate.
Some hints to help you with Estate matters:
- If you are nominated as executor in a Will, you need to provide the name and date of death of the deceased, to the relevant financial service providers which may include:
- Superannuation Fund
- Investment Manager
- Stockbroker or Share Registry (e.g. ComputerShare)
Once these people are notified, they post the necessary paperwork to the Executor to lodge a claim to the assets on behalf of the estate.
- The Will, Certificate of Death, the deceased’s Drivers License/Passport for ID Purposes. We recommend you obtain at least 5 copies of each and have them certified by a Justice of the Peace (JP) or a Lawyer. You will need these certified copies when notifying super funds, investment managers, brokers, banks, Landgate, vehicle registration, driver’s licence centre, Centrelink, Medicare, ATO and any others that the client may have mentioned in their Will. Note – you can find JP’s at your local library on certain days and times and usually they do not cost. We suggest you call the local library near you and ask for details.
- Once you have the paperwork, there is just the completing of details including any children involved. You then can lodge the paperwork with the provider involved.
- If there is a property involved – Landgate must be advised and paperwork lodged.
- Cars/Caravans in the deceased name to be sold or transferred – Department of Transport will need to be advised.
Some helpful links:
Landgate Forms: changing of title – https://www0.landgate.wa.gov.au/for-individuals/forms-and-fees/changing-title-details
ATO Notification – https://www.ato.gov.au/Forms/Notification-of-a-deceased-person/
Medicare/CentreLink Advice of Death Form – https://www.humanservices.gov.au/individuals/forms/sa116a
Department of Transport – Registration and Driver’s Licences – https://www.transport.wa.gov.au/aboutus/deceased-estates-refunds.asp
Computershare – https://www.computershare.com/au
Financial Life Planning is a holistic process
that puts your interests first and focuses
on increasing your sense of financial
well-being and life satisfaction.
It sounds like a strange thing to say that your financial adviser would be talking to you about how you feel, about those sorts of emotional choices and decisions about where you’re going to live and how happy you are in the place that you’re living, but they’re equally as interested in talking to us about that as they are about how good our super is going ..…” Fleur and Kym Wilkinson
“When we were separating, splitting assets and all that kind of stuff, Michael was much more than a financial adviser, he was a confidante, a marriage counsellor to a certain degree, but more importantly, a trusted friend.” Craig Buchanan
“If somebody asked me about financial planning and they were considering it, I would without hesitation recommend HPH” Philip and Kate Smith
“I think what great financial advice offers is peace of mind and particularly if you’re the sort of person like me who’d rather be out sailing than in reading about the latest investment strategy, so it’s great to know you’ve got someone who’s across all that stuff and working on your behalf. It takes the worry out of it for you.” Penny Walsh
“I think the last meeting that we had with the guys I actually cried because I was so happy with how everything was going and so appreciative of everything that they had set up for us.” Dr Fleur Davey
“We were initially very cautious, but they were terrific because they listened first and offered suggestions second. They asked lots and lots and lots of questions about our lifestyle and our ambitions for the future and all those sorts of things and then subsequently came back and said here’s a series of suggestions that we think might be of value to you and we appreciated that style.” Shaun and Lina Ridley
“If it wasn’t for HPH, I think I’d still be worried about money” Craig Buchanan