I am incredibly lucky to be supported by a beautiful network of aged care professionals. A big part of working in this field is building connections with others that specialise in other parts of the aged care journey. I regularly send referrals to financial advisors, solicitors, home admin specialists, social workers and end of life consultants. We each bring something different to the table and work together to achieve the best outcome for our clients.
An area that doesn’t get much time in the spotlight is after death administration. It’s usually a topic that is met with little enthusiasm and put in the ‘too hard basket’. Closing bank accounts, updating Centrelink, being removed from the electoral roll - the list is never-ending. However, having someone support and guide you through the endless administrative tasks after death can be an incredible support in an otherwise overwhelming time.
That’s why this month I thought I’d interview my lovely colleague, Danielle Phillips, from Sage Executor Solutions to share more about the work she does and how she can support families through very challenging times.
For this reason, the theme I’ve chosen for March is
After Death Administration.
HOW DID YOU GET INTO AFTER DEATH ADMINISTRATION?
After the loss of my parents in the last 4 years, I was shocked to discover that there was no dedicated support service to guide me through the complexities of after death administration. It took me 12 months and countless hours to administer my parents estate all whilst in a headspace of grief and shock. I thought at the time "if only I had someone to delegate all of these phone calls and notifications to, I would be feeling more able to cope with the grief". So, Sage Executor Solutions was born, to lighten the load for families when it comes time to mobilise.
WHAT SURPRISES PEOPLE THE MOST?
I think people are surprised by the sheer number of processes that are involved. There can be more than 40 items to tackle in any given estate, and people don't realise that it's more than closing down a bank account and making a superannuation claim. There are so many other considerations like share portfolios, utility providers, insurance companies, phone and internet and social media accounts that need to be managed. Many people are also surprised to learn that they need to apply for a grant of probate to administer the estate - which includes distributing funds and assets to beneficiaries.
HOW LONG DOES IT TAKE ON AVERAGE TO CLOSE ALL ACCOUNTS?
On average it can take 1-2 years for an executor to fully administer an estate. This is because it takes time for the correct paperwork to be procured and to be completed adequately. It takes time to receive a grant of probate, and for the superannuation fund to approve a claim. It takes weeks for banks to provide detailed information on accounts held and not to mention the wait times for call centres such as Telstra are horrendous. You need to provide certified copies of the original will, photo identification and the death certificate, so you need to allow time for an authorised representative such as a Justice of the Peace to arrange this.
WHAT CAN WE DO NOW TO TAKE THE STRESS OUT WHEN THE TIME COMES?
Start to take an inventory of all policies, accounts, passwords, registrations, memberships, subscriptions and assets/liabilities of your estate. Keep these items handy in a folder or consider an online digital vault which can be accessed by your Executor or Family. Sage Executor Solutions offers a pre-planning consultation, where we workshop the 40 possible considerations for an individual's estate and then curate a roadmap for the Executor and Family to follow when it comes time to act. We identify any gaps like misspelled names on property titles and missing marriage certificates which are required for superannuation claims. We pride ourselves on providing a step-by-step guide on how to notify, transfer and cancel all items within the estate so all the guesswork is taken out of it and your family can simply have space and capacity to grieve.
If you have any questions at all, please get in touch with Danielle. She’s incredibly friendly and happy to provide guidance where possible.
She can be contacted via her website - www.sageexecutorsolutions.com.au, via email on help@sageexecutorsolutions.com.au or via phone on 0407 786 486.
I know this has made me more aware of pre-planning I can do for loved ones to ensure I have all their details accessible when the time comes.
You can also have a look through the back catalogue of podcast episodes on ‘The Truth About Ageing’. I release episodes sporadically which are available through your favourite podcast app (Apple Podcasts, Spotify) or at www.navigateagedcare.com.au/podcast.
Occasionally I also post updates on socials, which you can find at:
Facebook - @navigateagedcareau
Instagram - @thetruthaboutageing
Thank you again for being part of the Navigate gang. Please feel free to pass this newsletter on to a friend of family member - the more the merrier!
Big love,
Kate.
If you’d like to chat about your unique situation and gain a better understanding of options available to you, please book a free 15 minute consult via the ‘Book Now’ button below.
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