Many people find that they are appointed as an executor under a Will but they have little understanding of the deceased’s assets and affairs. This blog provides some tips for the more common types of assets held by the majority of people. Of course, everyone shapes their affairs differently, this is just a general overview to get people thinking about different types of assets.
Generally speaking, the following are different categories of assets which should be thought about if you are an Executor under a Will:
- Real property – e.g. house, unit;
- Motor vehicles;
- Bond money held by a Nursing Home;
- Bank accounts, terms deposits, bonds etc
- Shares, debentures and other stocks; and
- Insurance Policies.
In addition to thinking about the types of assets held by a deceased, it is prudent to think about what institutions need to be notified of the death of the deceased. Agencies such as Centrelink, Veteran Affairs and Medicare are common upon the death of a deceased. Other persons/companies to notify include doctors, dentists, insurers, electricity/gas providers to name a few. ClickLaw is happy to provide you with a Notify Checklist to assist with this process.
This blog just touches on a few key features of where to start if you find yourself as an Executor. Please call us if you would like further information or send us an email to firstname.lastname@example.org.