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Chapter 9-Assets of a deceased estate

Last updated 5 October 2009

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 CGT 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 Explanation of terms.

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.