Saying goodbye to your loved ones is the most painful experience in the world. While you are mourning the loss, people might come to you and talk about the property of the lost person. Dealing with a deceased property is a complex task. You will have to deal with many challenges while undergoing this process. Are you confused about how to proceed? With this in mind, we have put together a guide to help you walk through the process of managing a deceased estate.
A step-by-step guide to deceased estates
The situation in which you are at the moment is complicated. There are so many things to take care of. Many people do not know where to start. That is okay! Be ready for the fact that this can take months or years to complete. Whether the estate is small or large, there are usually many steps involved in the management. Here’s a quick guide of practical things you may need to do when handling a deceased estate:
Determine whether the deceased left a Will
It is the first and immediate step involved in this process. You will have to determine whether or not the deceased actually made a Will. Search for places where the former kept all his documents, including personal papers. Is it with the solicitor, with the bank, and so on? The insurance paper is also to be considered so that you can claim it at the earliest. You are sorted if there is a will – you only now need to follow the instructions. Inform other family members if the Will mentions them.
Identify assets of the deceased
How can you keep a check on the assets? Go round the whole property, and you will find some essential information. For instance, you may find valuable assets like precious possessions and antiques, cars, real estate, and shares. There are many assets like these to be considered. It is also crucial to keep in mind to include only those assets that are held solely in the name of the deceased. Also, check to see if the deceased owned (or owed) any money.
Obtain probate of the property
Does the Will have a testament? If not, it is always vital to apply for probate in this scenario. However, this is entirely an optional step, so do it if you find it mandatory. You will have to apply for the grant at a court. What would you do if there was no Will? In this case, it may be necessary to apply for a letter of administration rather than probate. Be patient; it is a lengthy and time-consuming process!
Make it presentable
Whether you are planning to rent, reside or sell the property, ensure it is presentable. Are you unable to make a decision? Rent it for some time so that you get time to think. The rental income will help you with the bills in the upcoming months. No matter what you plan, it is challenging to remove all the possessions from the estate. Hire a service who can do this work for you. Tim and Tina handle deceased estates in Melbourne and can survey the house for you and clean it entirely (both indoors and outdoors). They can help you remove all the possessions, including donating and trashing with your permission. So, now you can have a house in good condition that is good to sell, rent or reside. Isn’t it easy?
Managing the deceased estate is not an easy task! Sometimes, you may have to wait for years to get this sorted. There are many things to do legally that will strain you. It is recommended to ask for support from a trustworthy friend who can help you get through this. Do not forget to close all the social media accounts of the deceased. Don’t know the password? Send an email to the authority to help you with it. Take things one at a time – an organized step-by-step process is the key to getting it all done.