Deceased Estate

A deceased estate comes into being the moment a person dies. It is administered by an executor named in the Will, or by an administrator appointed by the court if there is no valid Will. The person responsible collects the assets, pays the debts and taxes, then distributes what remains according to the Will or the rules of intestacy.

"Deceased estate" appears on bank forms, in property listings and in tax returns for the period after death. Example: "The deceased estate included a home in Brisbane, a term deposit and a share portfolio, all of which the executor had to value before applying for probate." A deceased estate may need its own tax file number and a final and post-death tax return.