{"id":8704,"date":"2021-11-25T12:13:58","date_gmt":"2021-11-25T01:13:58","guid":{"rendered":"https:\/\/mnygroup.com.au\/?p=8704"},"modified":"2025-02-01T15:49:29","modified_gmt":"2025-02-01T04:49:29","slug":"becoming-the-executor-of-a-deceased-estate","status":"publish","type":"post","link":"https:\/\/mnygroup.com.au\/en\/becoming-the-executor-of-a-deceased-estate\/","title":{"rendered":"Becoming The Executor Of A Deceased Estate"},"content":{"rendered":"\n<hr class=\"wp-block-separator has-text-color has-background has-base-3-background-color has-base-3-color\"\/>\n\n\n\n<p class=\"has-contrast-3-background-color has-background\">There comes a time in many people\u2019s lives when they are appointed the executor of a deceased estate.<\/p>\n\n\n\n<p>Even in the simplest of estates, though, the responsibilities involved can be quite onerous \u2013 and getting things wrong can make even the executor personally liable.<\/p>\n\n\n\n<p>It\u2019s therefore normally recommended to get professional assistance with this task.<\/p>\n\n\n\n<p>From a tax point of view, this assistance will help an executor deal with such matters as:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Preparing the deceased\u2019s final (\u201cdate of death\u201d) tax return.<\/li><li>Determining if income received after the deceased\u2019s death is to be returned in the deceased\u2019s final tax return or the tax return of the deceased estate (including capital gains).<\/li><li>Working out the rate of tax to be paid on income that is assessable to the trustee of a deceased estate.<\/li><li>When a deceased estate tax return is not required to be prepared.<\/li><li>When the \u201cestate is finalised\u201d so that any income and assets from the estate can be distributed to beneficiaries.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/mnygroup.com.au\/wp-content\/uploads\/2021\/11\/home-g4982e5584_1920-1024x683.jpg\" alt=\"Becoming The Executor Of A Deceased Estate\" class=\"wp-image-8705\" srcset=\"https:\/\/mnygroup.com.au\/wp-content\/uploads\/2021\/11\/home-g4982e5584_1920-1024x683.jpg 1024w, https:\/\/mnygroup.com.au\/wp-content\/uploads\/2021\/11\/home-g4982e5584_1920-300x200.jpg 300w, https:\/\/mnygroup.com.au\/wp-content\/uploads\/2021\/11\/home-g4982e5584_1920-768x512.jpg 768w, https:\/\/mnygroup.com.au\/wp-content\/uploads\/2021\/11\/home-g4982e5584_1920-1536x1024.jpg 1536w, https:\/\/mnygroup.com.au\/wp-content\/uploads\/2021\/11\/home-g4982e5584_1920.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>Professional advice also helps you decide, as an executor, whether assets of the deceased should be realised in the estate (assuming the deceased\u2019s will allows for this) or whether they should instead be distributed to beneficiaries.<\/p>\n\n\n\n<p>This, in turn, may allow for gains and losses from such assets (particularly extensive shareholdings and other investments) to be dealt with in a way that legitimately brings about the best tax outcomes.<\/p>\n\n\n\n<p>Finally, in relation to what is often the deceased\u2019s most valuable asset \u2013 their home \u2013 good tax advice is invaluable to ensure that the relevant CGT exemption can be properly applied or that any liability can be reduced.<\/p>\n\n\n\n<p>So again \u2013 if you\u2019re ever appointed an executor of a deceased estate, don\u2019t go it alone. Get proper advice even in what seems like a simple estate.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-base-3-background-color has-base-3-color\"\/>\n\n\n\n<p class=\"has-small-font-size\"><strong><em>This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There comes a time in many people\u2019s lives when they are appointed the executor of a deceased estate.<\/p>\n","protected":false},"author":18,"featured_media":8705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1689],"tags":[],"class_list":["post-8704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-advice","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-20"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts\/8704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/comments?post=8704"}],"version-history":[{"count":0,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts\/8704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media\/8705"}],"wp:attachment":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media?parent=8704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/categories?post=8704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/tags?post=8704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}