What is a Deceased Estate?
When someone passes away, their assets and other liabilities are called the Estate. These mainly include both tangible and intangible assets like property, car, shares and other investments.
It often happens that a deceased person leaves instructions about distribution of his/her estate in their Will. The people who are entitled to get the inheritance are called the beneficiaries.
A deceased estate mostly includes everything – assets, liabilities and debts – the person had when they died.
Deceased Assets Includes the Following:
- Bank Accounts;
- Life insurance policies;
- Real Estate that includes nursing home bonds and retirement village leases;
- Personal belongings such as jewellery.
Liabilities usually include mortgage and personal loans. These liabilities are usually paid out of the Estate before it is distributed to the beneficiaries.
Who Manages the Estate?
A legal representative referred to as an Executor is responsible for administering and distributing the estate. The executor ensures the deceased person’s final wishes are efficiently carried out.