Deceased Estates – What the family need to know and how to all work together cohesively

Brian Egan – Principal Egans Solicitors

Dealing with a deceased estate can be a challenging and emotionally difficult process for a family. It is important to approach it with sensitivity, empathy, and open communication. Here are some steps and guidelines to help the family work together cohesively during this challenging time:

1. Open and Honest Communication:
Start by having an open and honest conversation about the process. Gather all family members involved and discuss their preferences, concerns, and expectations. Effective communication upfront will help prevent misunderstandings and conflicts down the line. Document everything.

2. Legal and Financial Assistance:
Consult with legal and financial professionals who specialise in estate matters. They can guide the family through legal requirements, tax implications, and financial considerations. Their expertise will ensure that the estate is managed properly and all necessary legal steps are taken.

3. Appoint an Executor:

If the deceased had a will, the named executor is responsible for managing the estate. If there is no will, the family may need to decide on an executor together. This person will oversee the distribution of assets and ensure that the deceased’s wishes are carried out. Everyone has to agree and be comfortable on who will be the Executor.

4. Inventory and Valuation:
Create a comprehensive inventory of the deceased’s assets, including real estate, personal belongings, financial accounts, and investments. Value these assets with the help of professionals if necessary. This will provide a clear understanding of the estate’s value and aid in making informed decisions.

5. Deceased Estate Sales:
When it comes to selling the deceased’s belongings, consider the following steps:

1. Prioritise and Divide:
   Collaboratively decide which items to keep, donate, sell, or discard. Focus on sentimental value, practicality, fair distribution and the wishes of the deceased.
2. Estate Sale or Auction:
   Depending on the estate’s assets, you might opt for an estate sale, auction, or online sales platforms to sell items. Engage a professional estate agent such as Christina James of Willcox Estate Agents to manage the process of selling land and buildings efficiently.
3. Pricing and Valuation:
   Work with experts to determine the appropriate prices for valuable items. Balancing fair market value with sentimental value can be challenging, so keep communication open and documented to avoid conflicts.
4. Online Selling:
   Use online platforms such as eBay, Gumtree, Marketplace or estate sale websites to reach a wider audience. This can be especially useful for personal items with niche appeal.

6. Distribution of Proceeds:

Decide together as a family how the proceeds from estate sales will be distributed. Consider any debts, taxes, and expenses that need to be settled before dividing the remaining funds among beneficiaries.

7. Emotional Support:
Dealing with a deceased estate can be emotionally overwhelming. Encourage open conversations about memories, feelings, and attachments to belongings. Offer support and understanding to each other during this challenging time.

8. Document Everything:
Keep detailed records of all decisions, transactions, and communications related to the estate. This documentation can help prevent disputes and ensure transparency.

9. Resolving Disagreements:
It is natural for disagreements to arise during this process. If conflicts occur, address them calmly and respectfully. Consider seeking mediation or involving a neutral third party to help find solutions.

10. Take Breaks and Self-Care:
Dealing with a deceased estate can be physically and emotionally draining. Encourage each other to take breaks, practice self-care, and seek professional support if needed.

Remember that every family’s situation is unique. The key to working together cohesively is to maintain open lines of communication, respect each other’s perspectives, and prioritise the well-being of all family members involved.

To discuss your personal situation, contact Egans Solicitors