Deceased Estate Perth
The death of a family member is a difficult time. It is also a complicated time to sort out their estate. Anyone who is entitled to a share of the deceased estate can apply to the Supreme Court for letters of administration. These people are known as administrators.
Preparation
When someone passes away, their belongings that have monetary value (including land, vehicles, money in the bank and stocks and shares), household goods, jewellery and even domestic pets form part of their deceased estate. They also have outstanding debts that need to be discharged from their estate before their assets can be distributed to beneficiaries. This process is called settling their estate.
The executor of the deceased’s estate will usually need to obtain a legal document known as a Grant of Probate or Letters of Administration before they can deal with their estate. This process involves applying to the Supreme Court of Western Australia for permission to administer their estate. This will involve proving that the deceased’s Will is valid and that they have the right to do so. It is usually best to consult a specialist Wills and Probate lawyer in this matter.
If the deceased owned real estate in their name, or jointly with another person, a certificate of title search will be required to determine the current owner and identify any mortgages and encumbrances registered against it. It may also be necessary to have a building valuation done in order to confirm the value of the property for the purposes of the deceased estate application.
Losing a loved one is hard enough without having to pack up their life’s possessions, sort out their finances and settle their affairs. At Summers Legal, our compassionate team are here to make the process that little bit easier for you, while ensuring that your loved one’s wishes are fulfilled. We have extensive experience in assisting executors and administrators with deceased estates, whether they are simple or complex. Get in touch with us today to learn more about our services and to find out how we can assist you.
Application for Grant of Probate or Administration
A Grant of Probate or Administration is the official Court document that proves that a person has been appointed to administer a deceased estate and has the legal authority to deal with the estate assets. Banks, financial institutions and Landgate will not allow any dealings to take place until the Court has made such a grant.
A person who has been named as executor in a Will can apply for probate directly at the Supreme Court of Western Australia (or via an online application). The executor must lodge an affidavit with the application which proves that the deceased has died, that the Will is valid and that they are the executor of the estate. The Supreme Court has strict and precise requirements for these applications and it is always recommended that an experienced estate lawyer prepares the affidavit. This will minimise the risk of a requisition being issued by the Court.
Where a person has died without a Will, or their Will is deemed invalid, an application can be made to the Supreme Court for a Grant of Letters of Administration. The beneficiaries of the estate are determined according to a set formula in the Administration Act 1903. The next-of-kin is usually entitled to apply for this grant.
In some cases, a letters of administration can be obtained when the sole legal personal representative of the deceased’s estate is absent from Western Australia. This type of grant is limited and reserves the right for the individual to apply for a full grant upon returning to Western Australia.
A detailed inventory and valuation must be prepared for the estate, along with a statement of assets and liabilities. This must be submitted to the Probate Office along with the death certificate. In the majority of cases, a Grant of Probate or Administration will be issued within two to three weeks from lodgement with the Probate Office. More complex estates may require more time to be finalised.
If a property is being sold, the surviving joint owner will need to lodge an application with Landgate to remove the deceased’s name from the title. This can be done either immediately after the death of the last surviving joint tenant or at any time after that.
Sale of Property
Buying a deceased estate property offers several benefits, including a motivated seller and the opportunity to purchase a quality home at an attractive price. However, it is important to do your research before purchasing one of these properties. This is because laws vary from state to state and there are tax implications involved with the sale.
Whether you are a beginner or an experienced property investor, deceased estates can provide excellent opportunities for your investment portfolio. They are usually located in popular suburbs and come at a discounted price, making them a desirable investment. You can find deceased estate properties through public trustee listings and websites like Select Property Invest. It is important to keep in mind that these properties may need extensive repairs and renovations, which can increase your investment costs.
If you are looking to buy a deceased estate property in Perth, make sure you have a solicitor who can assist you with the process. It can be difficult to understand all of the legalities associated with the process and it is helpful to have a lawyer by your side to guide you through each step. They can also help you to negotiate a good price and ensure that the property is sold in accordance with your wishes.
In addition to a solicitor, you should also have a trusted real estate agent who can work with you on the process of selling a deceased estate. They can assist you with organising inspections, marketing, and other activities that need to be undertaken.
A good real estate agent will help you to get the best price for a deceased estate property. They will be able to advise you on the type of buyer that is most interested in the property and can help you to market your property to this audience. In addition, they will be able to help you to prepare the sale documents that are required to be completed by the Supreme Court.
Before you sell your deceased estate property, it is important to apply for a Grant of Probate or Letters of Administration. This will give you the legal right to sell the property and change the name on the title. In addition, it will protect you from any claims by the beneficiaries of the deceased’s estate.
Tax
There are tax implications that should be considered when dealing with a deceased estate. These are likely to depend on the type of property that is being sold. In most instances, there will be Capital Gains Tax (CGT) and duty (formally stamp duty) considerations to be taken into account. It is recommended that the executor or administrator obtain advice from a deceased estate accountant to ensure that all compliances are met.
If the inherited property was the principal residence of the deceased person, there may be CGT exemptions available based on the settlement date. It is also important to note that if the inherited property is disposed of within two years of the death, there may be CGT implications.
In addition to the tax considerations, it is also important to take into account any debts and liabilities that the deceased estate may have. The executor or administrator will need to ensure that sufficient funds are available to pay any debts before any distributions can be made to beneficiaries.
Once the Probate Office has approved the application, the executor or administrator can commence selling the deceased estate’s assets. The process will usually take around 2 to 3 weeks. Depending on the complexity of the matter it may take longer.
It is essential that any real estate held in the name of a deceased person is updated prior to sale. This can be done by lodging one or more applications at Landgate, the state government’s land information authority. In most instances, this will involve obtaining an updated certificate of title for the property from Landgate to change the deceased person’s name on the title before it can be sold.
As the Executor, Administrator or Next of Kin, it is essential to understand any taxes that the deceased estate may be liable for and agree with the Beneficiaries how the estate will be structured for final distribution taking into account the tax implications. This step will help avoid any delays or disputes in the future.
https://www.perthrubbishremoval.com.au/
The death of a family member is a difficult time. It is also a complicated time to sort out their estate. Anyone who is entitled to a share of the deceased estate can apply to the Supreme Court for letters of administration. These people are known as administrators. Preparation When someone passes away, their belongings…