How do I manage a loved one's assets when they die?

Upon a person’s death, they will almost invariably have some assets that need to be sorted.

In Victoria, there are 3 ways a person’s assets can be dealt with after their death:

  1. If their total assets are of a relatively small amount, it may be possible that the transfer of those assets can be done informally upon receipt of the Death Certificate

  2. Where there is a Will - by obtaining a Grant of Probate

  3. Where there is no Will - by the deceased’s next of kin making an application for Letters of Administration

A Grant of Probate or Letters of Administration are made by the Supreme Court and authorise the Executors/Administrators of the estate, collectively they are known as a “Grant of Representation”

The Steps in obtaining a Grant of Representation

Step 1:

  • Locate the will or establish that there was no will

  • Receive the death certificate

Step 2:

  • Identify the assets of the deceased

  • Estimate the value of such assets

  • For some assets a valuation may be required

  • Obtain current balances of bank accounts and investments

Step 3:

  • Prepare the application to the Supreme Court

  • Swear the Application

  • Forward the Application to the Probate Office of the Supreme Court

  • Wait for probate/Letters of Administration to be granted

Step 4

  • Administer the Estate in accordance with the Grant of Representation which involves:

    • Collecting the assets

    • Realising the assets

    • Pay any debts

    • Distribute assets in accordance with the Grant of Representation

O’Farrell Robertson McMahon have a number of Estate Lawyers who can assist you in dealing with your loved one’s assets.

EstatesAlix SteedO'Farrell Robertson McMahonprobate, grant of probate, assets, wills, will