What Are Deceased Estates and How Does Management Help?
A deceased estate is a confusing thing and not many people pay much attention to the management of their deceased estates. Management of these estates can be very problematic, especially when a lot of family members of perceived beneficiaries are involved. If you had to suddenly pass away, who would you entrust your estate to? Also, who would you trust to manage your deceased estates and management of your assets? There are various factors that come into play once someone passes away, and you have to know about these when you start putting together your own management of your estate.
Account Freeze
When someone is declared deceased, their accounts are frozen until the estate is settled. This means that neither you or, in the case of your own death, others can draw money from your account. All debit orders or payments from this particular account are stopped, and you have to have measures in place to take care of these payments, especially when you have relatives or dependents relying on the income that these payments provide. Joint accounts work somewhat differently – if one of the parties in this account passes, the surviving partner gains control over the account. Any assets in the name of the deceased are frozen and held over until the estate has been sorted out by the executor of the estate. This is why you need someone to take care of your deceased estates management.
Life Insurance
If the person who died had life insurance you can provide them with all the details they need, including the death certificate, and they will evaluate your claim. Keep in mind that if there is any doubt about the cause of death that this process may be delayed indefinitely, which is why you need a professional who can advise you regarding the procedures to follow as far as possible.
The best thing to do in order to safeguard your dependents financially is to employ a good manager of deceased estates and management. This means that even if you do pass away, your estate works in the favour of the beneficiaries. Moreover, it will be a lot easier to manage the outcome. This is particularly true and important if you have children, and they will thank you for it.
For more information about deceased estates and management, give our team a call today!