The property and assets belonging to a person who has died is called their Deceased Estate. The Deceased Estate is held in trust from the death of the person until the transfer of the property and assets to the beneficiaries.
Person or persons nominated in a Will to administer the Estate on behalf of beneficiaries of the Deceased. The Executor administers the Will. They are responsible for locating the Will and following the Will’s instructions for funeral requirements, collecting all assets, finalising outstanding liabilities and distributing the assets in accordance with the Deceased person’s instructions. An Executrix is the name used for a female Executor.
A Funeral Bond allows you to set aside an amount of money to cover your funeral expenses and, if you wish, specify how your funeral is to be conducted. If the customer had a Funeral Bond, be sure to contact the provider.
Letters of Administration refers to a certificate issued by the Supreme Court that authorises a person to act as an Administrator when there is no Will or when there is a problem with the Executor named in the Will.
A Power of Attorney is a formal instruction whereby a person (who is called the Donor) appoints another person (called the Attorney) to act on their behalf. Power of Attorney ends with the death of the Donor.
Order granted by State Supreme Courts confirming the identified Will is the true and last Will of the Deceased, and declaring the Executor(s) are lawfully entitled to finalise any Deceased Estate matter within the state the Probate is granted only. Probate is usually required when there is a large sum of money or assets involved and particularly when there are multiple beneficiaries.
A tax invoice is an original invoice as identified by Australian GST taxation legislation. The requirements vary depending on the total taxable sales but items the invoice must include are: the words ‘tax invoice’ stated prominently; the name of the supplier; the ABN of the supplier; the date of issue of the tax invoice; the brief description of the service provided; and the total price invoiced (including GST).
A Testamentary Trust is a trust established by a Will. It does not come into effect until after the death of the person making the Will. At this point, specified Deceased Estate property is transferred to a Trustee who holds the assets in trust for the beneficiaries. A Testamentary Trust is not the same trust as the Deceased Estate. A Testamentary Trust may last for many years after the Estate has been fully administered. The information provided within this document does not apply to Testamentary Trusts. Additional information about Testamentary Trusts can be found on the Australian Taxation Office website at ato.gov.au