About deceased estates
There are many things to organise and decisions to be made after someone dies. This can be overwhelming. You might need to manage and administer the deceased estate. A deceased estate is the estate (things owned and owed) of someone who has passed away. The Will is a legal document that sets out how the deceased wishes to distribute their assets and how the estate is administered after the person has passed away. When a person dies without a Will, it is referred to as dying ‘intestate’.
Importantly, a Will nominates an executor. The executor carries out the instructions in the Will, after someone has passed away. This can be a family member, friend, solicitor or you could choose NSW Trustee and Guardian.
Administering a deceased estate can be time consuming and complex. There are many steps involved with the successful administration of a deceased estate, this includes applying for probate. In some situations Wills can be contested. It is always a good idea for an executor/administrator to get professional legal advice when dealing with a deceased estate.
How we administer your estate
We can provide executor services after you pass away, reducing the burden on your loved ones during a time of grief.
The Will and where to find it
A Will is a legal document that sets out who you want to receive your assets and how your estate is to be managed when you pass away.
Finding a Will can be one of the first tasks of family, trusted friends or the executor. This is because the Will might also include information about the funeral or memorial service.
If the person has a Will, you may be able to find it:
- at their home
- with their bank
- with their solicitor
- with the Supreme Court of NSW
- with NSW Trustee and Guardian.
If you don't know the name of their solicitor, try calling ones in their area and give them the following details:
- their full name
- their address
- date of death
- information about your relationship to them (for example, that you are the deceased person's spouse).
For more information, including a sample letter to lawyers, visit NSW LawAccess.
If you're the executor of a Will
If you have been named the executor of a Will, we have a step-by-step guide for executors to help you get started.
NSW Trustee and Guardian is the executor
NSW Trustee and Guardian can act as the executor and administer the deceased estate for you, learn more about NSW Trustee and Guardian as the executor.
If you're a beneficiary of a Will or trust
A beneficiary is a person or entity who receives a gift or benefit from a person’s estate as outlined in their Will.
A beneficiary of a Will is someone you include in your Will and leave a gift or a benefit from your estate after you die.
Barbara recently passed away.
In her Will, she specified that she wanted her granddaughter Fran to receive her jewellery and her children Mary and Tom to receive the rest of her estate. Fran, Mary and Tom are all beneficiaries of Barbara’s Will
If you are a beneficiary under a Will and you consider the executor is not fulfilling their obligations, you should get independent legal advice from a private solicitor or Legal Aid NSW.
You can learn more about the difference between an executor and an administrator.
Beneficiary tax obligations
There are also tax obligations if you are a beneficiary of the estate of someone who has died, you can learn more about beneficiaries of a Will in our helpful beneficiaries guide (PDF 1.23MB).
If you are a beneficiary of a trust set up under a Will, the trustee nominated in the Will is responsible for holding the funds and dealing with them under the terms of the trust.
A trust may last for a relatively short time (for example, until you reach a certain age at which time you may be entitled to receive the assets in your own name) or it could last for a much longer time (for example, funds may be held in trust for you for your lifetime). The terms of the trust define how the trust funds can be used for your benefit.
You can learn more about beneficiaries of a trust in our helpful Trusts guide (PDF 1.27MB).
If you're a trustee
As a trustee, you are responsible for managing trust property for another person or organisation, as outlined by the terms of the trust. Trust property includes money, shares and real estate.
A testamentary trust is a trust established under a valid Will. Learn more about a testamentary trust.
Your role as a trustee
As a trustee you have legal obligations and can be personally liable for any breach of trust.
A trust can last many years, with your ongoing responsibilities to the beneficiaries including:
- managing property
- distributing assets according to the Trust terms
- keeping trust account records
- providing financial reporting to beneficiaries
- completing trust tax returns and paying any tax liabilities
- acting in the best interest of the beneficiaries
- not personally profiting from the trust
- sourcing good financial advice to maintain the trust
- investing the trust funds
- exercising reasonable care in any decision-making
- acting impartially between beneficiaries
- advancing money for the beneficiaries (for example, for school fees if allowed by the terms of the trust).
You can retire as trustee if you wish
Many people appoint a friend or relative as their trustee.
A trustee is an important role that involves complex decision-making. It can also be time consuming and challenging.
You may be able to request someone else to take on the role of trustee, including a professional trustee such as NSW Trustee and Guardian. Find out about the NSW Trustee and Guardian trustee costs and fees.
Sometimes a Will provides for several beneficiaries with differing needs.
Where NSW Trustee and Guardian is trustee, it will make sure:
- that the terms of the Will (or any deed, or trusts issued by a court order) are complied with
- there is an appropriate strategy for managing the assets and investments
- to act carefully and in the best interests of all beneficiaries.
Court ordered trusts
The court system can appoint NSW Trustee and Guardian to administer trusts for children or for a person with disability.
NSW Trustee and Guardian will make sure the trust funds are used properly for the benefit of the recipient. They will determine appropriate expenditure and invest the trust funds prudently.
Who do NSW Trustee and Guardian report to?
NSW Trustee and Guardian must comply with all relevant legislation including the Trustee Act 1925 and the NSW Trustee and Guardian Act 2009.
We provide an annual report to state parliament through the Attorney General.
NSW Trustee and Guardian invests your estate, trust or funds into our Common Fund. The Fund is made up of two separate funds:
1. Primary Portfolio
2. Growth Portfolio.
| Trustee common fund | Investment description |
|---|---|
| Primary Portfolio | Earns a competitive interest rate from a blend of money market instruments and term deposits. We are responsible for the management of the Primary Portfolio. |
| Growth Portfolio | Invests in Australian and international companies whose shares are listed on major stock exchanges. The share portfolios are diverse, with the aim of gaining capital growth over the medium to long-term. The unit price varies daily, depending on the market value of the shares. The Growth Portfolio invests in both Australian and international companies. It does this by putting money into unit trusts that are managed by an outside company. Right now, these trusts are managed by BlackRock, which is a highly rated international fund manager. |
If your money is invested with us, you automatically benefit from investment in the Primary Portfolio.
If you require long-term capital growth from your investment, a portion of your money may also be invested in the Growth Portfolio.
Income earned from both portfolios is credited back to your account around 30 June and 31 December each year and automatically re-invested in the Primary Portfolio.
Depending on your instructions, needs and the amount of money we hold for you, your money will be invested in cash and fixed interest securities (such as term deposits and unit trusts) through one or more of our portfolios.
NSW Trustee and Guardian fund investment reports
Download the NSW Trustee and Guardian fund investment reports.
Dying without a Will
When a person dies without a Will, it is referred to as dying ‘intestate’.
Learn more about the intestacy process and how an estate is administered when someone dies without a Will.
Australian Death Notification Service
The Australian Death Notficiation Service (ADNS) allows you to notify multiple organisations online that someone has died so their accounts can be closed or transferred.
Choose NSW Trustee and Guardian to administer your estate
NSW Trustee and Guardian has been administering deceased estates and trusts for over 100 years.
Ease the burden of complex and stressful responsibilities for your loved ones by appointing us as your executor when you make your Will with us.
Resources
We have helpful resources for you to learn more about beneficiaries of a Will or beneficiaries of a Trust.
- Read more about firearms - deceased estates.
Guide for beneficiaries
This guide explains the process of carrying out the wishes outlined in the Will and how we will help you during this time.
Contact NSW Trustee and Guardian
Deceased estate enquiries
If we're administering a deceased estate you’re involved in, or if you’d like to refer an intestate estate to us, please contact our team:
- Phone: 1300 723 267
- Email: clientestablishment@tag.nsw.gov.au
More options to contact us.