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Deceased Estates
A deceased estate becomes complicated when the debts, disputed assets or insolvency questions left behind cannot be resolved in the usual way. TTJ Advisory can step in where a formal trustee or insolvency-related role is needed, for example where an estate may be insolvent or assets must be realised and creditors dealt with. The work is handled with care, discretion and proper accountability.
WHO IS THIS FOR?
Executors, beneficiaries, creditors, lawyers and accountants dealing with an estate where money is owed, assets are in dispute, or there is a real question about whether the estate can meet its debts.
IN DETAIL
A deceased estate refers to all of the property, assets, liabilities and debts belonging to the person when they died. A Will provides instructions on how they would like their deceased estate to be distributed and is managed by a nominated executor. Executor vs Trustee Roles An executor is tasked with handling a deceased person's estate and distributing their assets as outlined in their will.
A trustee is appointed in a deceased estate when the executer realises that the estate is bankrupt and then will appoint the trustee to manage the estate.
Here's how this typically unfolds:
Existing Bankruptcy: If the individual was already declared bankrupt and under the management of a bankruptcy trustee at the time of their death, the same trustee usually continues to manage the bankruptcy estate. This process includes settling the deceased's debts according to bankruptcy laws.
Insolvent Estate: If the deceased was not formally bankrupt but their estate is insolvent (meaning the liabilities exceed the assets and there is insufficient estate property to cover the debts), the executor or administrator of the estate might seek the appointment of a bankruptcy trustee. This is usually done through an application to the court or directly via a bankruptcy service.
HOW TTJ CAN HELP
Where a matter needs a formal trustee or has an insolvency dimension, TTJ can take the appointment, work out what the estate actually owes and owns, deal with creditors, realise assets where required and keep the parties properly informed. The aim is to bring order to a situation that has usually become stuck.
WHEN TO SEEK HELP
It is worth getting advice if the estate's debts may be larger than its assets, if creditors are pressing claims, if an asset such as a property needs to be sold and the parties cannot agree, or if you are simply unsure whether a formal trustee or insolvency appointment is required.
OUR PROCESS
No two estates are the same, and the path depends on what the estate holds and who is involved. The outline below shows how TTJ generally approaches an estate matter where debt, disputes or a trustee role are in play.
Important Considerations
Estates often involve competing interests between executors, beneficiaries and creditors, and the order in which debts are paid matters. Any statement about legal duties, debt priority or how an estate is distributed should be confirmed for the specific matter.
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AUSTRALIA
Thyge Trafford-Jones
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Principal — ASIC Registered Liquidator (No. 458321) · AFSA Registered Trustee (No. 1582)
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Member, Australian Restructuring Insolvency & Turnaround Association (ARITA)
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Member, CPA Australia
TTJ Advisory is a registered business name of Restructure My Small Business Pty Ltd (ACN 670 511 476).
Liability limited by a scheme approved under Professional Standards Legislation.
© 2026 TTJ Advisory.
TTJ Advisory acknowledges the Traditional Custodians of the land on which we operate, live and gather as employees, and recognise their continuing connection to land, water and community. We pay respect to Elders past, present and emerging.
