Administering a deceased estate Robert Monahan | Consultant 13 June 2014

Estate Planning 1.Ensuring that: 1.The right assets; 2.Get to the right people; 3.At the right time; 4.In the right way; 2.Minimising the impact of the death on the living.

What happens to your assets when you die? You can’t take them with you!

What happens to your assets when you die? Vest in your legal personal representative

Who is your legal personal representative? Generally the LPR is:  An Executor, or  An Administrator

Role of legal personal representative? 1.Funeral Arrangements 2.Secure assets. Notify Banks and authorities 3.Locate Will (if any) 4.Apply for grant – eg Probate (if necessary) 5.Determine beneficiaries

Role of legal personal representative? 6.Collect the assets 7.Ensure all debts and claims are received, assessed and paid. Defend litigation if necessary. 8.Preparation and management of accounts 9.Prepare and lodge tax returns 10.Distribute assets according to Will, including manage any longer term trusts

Estate Planning 1.Ensuring that: 1.The right assets; 2.Get to the right people; 3.At the right time; 4.In the right way; 2.Minimising the impact of the death on the living.

Golden rule

Minimising Impact of death on living 1.Accept our own mortality – get affairs in order 2.Legal consequences of death 3.Practical consequences of death 1.Pre-death steps if you have notice 2.Life support – Organ donation - Funeral arrangements 3.Contact list – OFF (offices family friends) 4.Summary of assets and liabilities

Minimising Impact of death on living 3.Practical consequences of death 4.Summary of assets and liabilities o Lead advisor o Keep up-to-date o Information can save time and money o Digital assets 5.Funds available for: o Funeral o Dependants

Minimising Impact of death on living 3.Practical consequences of death 6.Tax issues o Options o Estate trust for 3 years – own TFN o Multiple trusts – each have own TFN

Who should be executor or trustee 1.What is the difference? 2.Who should it be?

Who should be executor or trustee 1.What is the difference? 2.Executor – individual(s) or licensed trustee 3.Trustee – individual(s) or licensed trustee or corp trustee. 4.Who should it be? 1.Family member 2.Friend 3.Professional 4.Consider a ‘governor general’

Who should be executor or trustee 1.What is role of ‘governor general’? 2.Effectively an ‘appointor’ 3.Section 75A Probate & Administration Act Section 6 Trustee Act 1925

Any Questions??? ..

Administering a deceased estate Robert Monahan| Direct From 1 July