A deceased estate is the property and assets of a person who has died. The assets of a deceased estate can include financial assets, such as bank accounts, investments, and life insurance policies, as well as physical assets, such as property, vehicles, and household goods.
What are the responsibilities of an executor or administrator?
The executor or administrator of a deceased estate is responsible for administering the estate and distributing the assets to the beneficiaries. The responsibilities of an executor or administrator include:
- Locating and gathering the assets of the estate
- Paying the deceased’s debts and funeral expenses
- Filing the deceased’s tax returns
- Distributing the remaining assets to the beneficiaries
Administering a deceased estate
The steps involved in administering a deceased estate vary depending on the circumstances, but generally include the following:
- Obtaining a grant of probate or letters of administration: This is a legal document that gives the executor or administrator the authority to administer the estate.
- Gathering the assets of the estate: This may involve contacting banks, financial institutions, and other organizations to identify and locate the deceased’s assets.
- Paying the deceased’s debts and funeral expenses: The executor or administrator is responsible for paying the deceased’s debts and funeral expenses from the estate assets.
- Filing the deceased’s tax returns: The executor or administrator is responsible for filing the deceased’s tax returns and paying any outstanding taxes.
- Distributing the remaining assets to the beneficiaries: Once the deceased’s debts and taxes have been paid, the executor or administrator will distribute the remaining assets to the beneficiaries.
How can ASB Bank help with deceased estates?
ASB Bank can help with deceased estates in a number of ways, including:
- Freezing the deceased’s bank accounts: ASB Bank can freeze the deceased’s bank accounts to prevent any further transactions from taking place.
- Providing information on the deceased’s bank accounts: ASB Bank can provide information on the deceased’s bank accounts, such as the account balance and transaction history, to the executor or administrator.
- Transferring funds to the executor or administrator: ASB Bank can transfer funds from the deceased’s bank accounts to the executor or administrator’s account.
- Providing advice and support: ASB Bank can provide advice and support to the executor or administrator on the administration of the deceased estate.
What to do as the executor or administrator of a deceased estate
If you are the executor or administrator of a deceased estate, you should contact ASB Bank as soon as possible.
ASB Bank can help you to freeze the deceased’s bank accounts, provide information on the deceased’s bank accounts, transfer funds to your account, and provide advice and support on the administration of the deceased estate.