On the unfortunate but inevitable occasion of a loved one passing away, that person’s assets or possessions need to be dealt with. While not a pleasant thought or task, it has to be done and someone has to do it.
That person will already have been nominated in the will as the one to deal with the deceased person’s estate. He or she is called the executor or administrator of the estate. The executor must then get permission to deal with the estate which is called a grant of probate. This is an official letter that provides the authority and appointment as executor of the deceased person’s personal matters. The grant of probate takes a while, up to 3-6 months.
A different term is given to someone who is appointed in circumstances where there is no will or the executor does not want to perform the duty. In this case, permission to act as administrator will be granted in a letter of administration. The administrator must apply for permission to handle the affairs of the estate.
From this it evident that the deceased person’s assets are vulnerable during all this time of waiting for applications to be granted. This being the case, what’s the best solution?
What are Assets in a Deceased Estate?
The estate of the person who has died is normally bequeathed to family, relatives, or other loved ones. This will be specified in the will.
The estate is the term used for the assets left behind when a person passes away. The future ownership and distribution of assets in the estate are commonly specified in a will. Should there not be a will then the term intestate is used, and the distribution of the property is governed by published legal regulations.
An estate can consist of many things, but commonly it is made up of the following:
- Fixed property in the form of land and buildings
- Personal possessions like the house contents, a motor vehicle, antiques, and jewelry.
- Share certificates.
- Cash on hand in the bank or life insurance policies.
The whole process could take up to a year but expect a minimum of six months for finalization. This will seem like an extraordinarily long time to wait, especially with a house full of possessions that need to be secured, stored, or cleared.
This is a common problem faced in tying up an estate, where the contents of the house are at risk when left unattended. There may be a way around it, however, it would require approval from authorities and the onus is on the executor to do this.
If you are the designated “executor” then it will be your duty to secure the assets and begin with the estate conclusion. The security could be found in having somebody occupy the empty house, but it is also noted that you may want to prepare the house for sale or rental and prefer it to be empty when you do so.
Either way, there will be a need to prepare everything in an orderly fashion.
Dealing with Assets: Sorting and Storage Sutton in Ashfield
The executor of the estate must work with the legal parameters when dealing with estate matters. Undoubtedly there will be calls from beneficiaries of the will asking when they will receive their share. It’s advisable for the executor to work to a timeline and build in the know timeframes of probate approval and finalization of the will. By communicating the timeline to the beneficiaries, everyone will know what to expect and when.
In the preparation of the distribution of assets and the preparation of the sale of unwanted goods, the executor will make a list of everything to be given to family and other beneficiaries and detail what is left.
However, there are some dangers associated with the safety of the deceased persons’ assets in the meantime:
- Theft: the assets should be kept secure during the waiting period. This is particularly apparent if the house is unoccupied, and there is an opportunity for vandalism.
- As possessions are of different values, artworks, antiques, and jewelry should be well secured in a safe or secure place.
- You may decide that unclaimed items will be sold, in which case they could be moved, with permission, into self-storage for safekeeping until the process is complete.
Packing up a deceased estate is often an unpleasant task, however, done in an organized way, it can be quick and efficient:
Consider Stop & Store self storage Sutton in Ashfield
Stop & Store self-storage is conveniently situated in Sutton in Ashfield. With a range of storage options, from 12 sq ft to 200 sq ft, we offer you a choice of unit sizes. These units can be used for the storage of the assets in the estate to ensure they are safe while the administrative process is being completed. Items that are intended for sale can be stored in your storage unit which you can use as a showroom to display goods for sale. This allows time to market the goods, and while not being rushed and gives you time to get the best price.
In the event of the unfortunate death of a loved one, there is a lot involved in the tying up of that person’s assets when they pass away. The assets have value, and you will want to protect them while matters are wound up.
In the case of a houseful of possessions, it’s advisable not to leave them unprotected. Therefore, interim arrangements are advisable. In many cases, a storage solution will be the answer. With the necessary approvals, moving foods to a safe and secure, and dry environment is a smart move. This will help give peace of mind to beneficiaries and yourself while waiting for matters to be wound up.
Take a look at deals offered by Shop and Store Sutton in Ashfield which will help make this decision a cost-effective option or just ask our friendly staff when you contact us.
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