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  • Chapter 9-Assets of a deceased estate

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If you are a deceased person's legal personal representative or a beneficiary of a deceased estate, you should read this chapter to find out about the special capital gains tax rules that apply.

    Note: New terms

    There may be terms in this chapter that are not familiar to you. Refer to chapter 1 in part A for more information or to the Explanation of terms in this guide.

    When a person dies, the assets that make up their estate can:

    • pass directly to a beneficiary (or beneficiaries), or
    • pass directly to their legal personal representative (for example their executor), who may dispose of the assets or pass them to the beneficiary (or beneficiaries).

    A beneficiary is a person entitled to assets of a deceased estate. They can be named as a beneficiary in a will or they can be entitled to the assets as a result of the laws of intestacy (when the person does not make a will).

    A legal personal representative can be either:

    • the executor of a deceased estate (that is, a person appointed to wind up the estate in accordance with the will), or
    • an administrator appointed to wind up the estate if the person does not leave a will.
    Last modified: 31 Aug 2010QC 16195