Deceased Estates
Dealing with a deceased estate can be an overwhelming and emotional experience.
At Element Accountants, we understand the intricacies involved and are committed to helping you navigate the legal and financial aspects of handling the estate.
Our experienced team specialises in deceased estate tax returns, Capital Gains Tax calculations, and the preparation of final tax returns.
We work closely with your nominated solicitor to ensure all tax obligations are met, so you can focus on what matters most during this difficult time.
Our goal is to provide you with the information you need to make informed decisions and take the necessary steps to manage the estate effectively.
Here are some important things to know about deceased estates:
When a person passes away, their assets (what they own) and liabilities (what they owe) become part of their estate. The executor of the estate is responsible for managing the deceased’s affairs, including identifying and valuing their assets, paying any outstanding debts and taxes, and distributing the remaining assets to beneficiaries.
If the deceased had a will, the executor must apply for probate, which is a legal process that validates the will and grants the executor the authority to manage the estate. If there is no will, the executor must apply for letters of administration, which is a similar legal process to determine who is entitled to manage the estate.
The executor is responsible for filing the deceased’s final tax return and paying any outstanding taxes owed by the estate. Depending on the complexity of the estate, it may also be necessary to file an estate tax return.
Once all debts, taxes, and expenses have been paid, the executor can distribute the remaining assets to the beneficiaries according to the terms of the will or the rules of intestacy (if there is no will).
Settling an estate can be complex and time-consuming, and there are rules that must be followed throughout the process, which is why it’s essential to have professional guidance. At Element Accountants, our expertise in deceased estate tax returns and related areas such as letters of administration ensures you have the support you need to manage the estate.
To begin the process, we will require the following information:
- Name of Deceased
- Date of Birth
- Tax File Number
- Date of the deceased
- Copy of the Will
- Copy of the Probate or copy of letters of administration
- Contact details of the executor
For further guidance, please refer to the following useful resource:
Checklist: What to Do When Someone Dies
The team at Element Accountants is here to support you during this difficult time. We are ready to help you navigate the complexities of deceased estate tax returns and ensure all legal and financial obligations are met. Fill out the form or contact us to learn more about our services and how we can assist you in managing the estate effectively.
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