Reaching Out: How The Right Legal Avenues Can Help

Reaching Out: How The Right Legal Avenues Can Help

What You Need to Know as the Beneficiary of a Deceased Estate

by Jessica Spencer

Most people will only deal with deceased estates when they become the beneficiary of that estate. If you are the beneficiary of a recently noted deceased estate, you may be confused about where to begin. Here are some of the key points you should know and what you should know about them. Knowing these points will help when you visit the deceased estate lawyer and begin filing paperwork and other necessary steps in the estate process. 


The first thing you need to understand as a beneficiary of a deceased estate deals with entitlements. You need to understand what you are receiving or entitled to from the estate. For example, you may be entitled to receive an income from the estate if it was connected to a business in any way. You may also be entitled to the property. The estate lawyer can explain what you are the beneficiary of and what further benefits you are entitled to based on the last will and testament or estate papers. 


Many times a beneficiary receives assets from the deceased estate. There are several key points you should know about these assets. For example, if you receive an asset from the estate that is subject to capital gains tax, those taxes are billed to the estate and not to you. You may have property assets, financial assets and corporate assets depending on the background of your deceased relative. Your estate lawyer can help explain each of these assets and what, if any, fees you are subject to for the transfer from the deceased estate to you. 

Tax Returns

As a beneficiary of a deceased estate, your tax returns may change slightly. You may have to fill out more paperwork and forms and acknowledge receipt of your assets and finances as the beneficiary. This can be daunting and overwhelming. For this step in the process, you may be advised to hire a tax preparer or accountant. This can ensure you are taking all the necessary steps and submitting the proper tax documents. If there are additional tax forms or paperwork, your accountant can help you prepare and file those as necessary.

When you are ready to begin the estate process as the beneficiary, contact your family's estate lawyer. They can help you through the process and with following the checklist of steps and forms you need to complete. They can also discuss any questions you have and determine what options you should take if any additional steps may be necessary.


About Me

Reaching Out: How The Right Legal Avenues Can Help

Hello, all. I am a volunteer worker at an outreach centre which helps people of all ages with financial problems. I have come to realise that many of these people face hardships due to life-changing incidents such as unfair dismissal, a workplace injury or a car accident. Many of them are hard workers who aren’t aware of their legal rights. Last year, our outreach centre brought a lawyer on board to provide legal advice and assistance. I help by scheduling appointments, taking notes and following up on each case. I have learnt an awful lot about our laws and am impressed how knowing the right legal avenues can change people’s lives. I have just started a legal assistant’s course and thought this blog might be a good place to record the knowledge I gain. I hope you find it useful and insightful. Thank you for stepping into my world.