Distribute assets to beneficiaries
Once all assets have been collected and all debts have been paid, the executor can distribute the estate.
Distributing the estate involves officially signing over all assets to beneficiaries.
The process of signing over assets is different for real estate and personal property.
Transferring personal property and money
Personal property might include:
- clothing and jewellery
- bank accounts
- cars and other vehicles.
These may be dealt with in the will as:
- part of the whole estate,
- as specific gifts to named beneficiaries
- what is left after all other things in the will are dealt with.
If there is no will, the personal property is dealt with according to the rules of intestacy.
Transferring real estate
Real property includes land, houses, units, commercial and industrial property.
The process will be different depending on whether the property is owned:
- solely by the person who died
- by multiple people.