Selling a Deceased Estate can be a difficult and complicated process. For many it follows the death of one last surviving parent, making it a very emotional time. However the right knowledge and support will help make it easier to handle a challenging time. Here are answers to some common questions related to Deceased Estate in Australia (and specific requirements for SA). What Is Probate And How Do You Apply For It? Probate is a certificate granted in SA by the Probate Office of the Supreme Court of South Australia. This means that the will of the deceased has been proved valid and registered, and the executor (the person designated to administer the will) is empowered to administer the deceased's estate. Probate can be applied at any time after 14 days of the death of your loved one. It usually takes about 4 weeks to come through. What Do You Do Once Probate Is Granted? Once probate is granted, you (you are the executor of the Will) are responsible for distributing the assets to the beneficiaries according to the wishes of your loved ones. As executor you are also responsible for hiring Deceased Estate lawyers and a real estate agent to ensure that everything is done legally and with complete transparency. Can You Sell A Property Before Being Given Probate? No. However, many want to sell as soon as possible after probate is granted, especially if there are many beneficiaries, such as acquiring property with siblings. So it is a good idea to set the wheels in motion by getting an appraisal and selecting an agent to do the work. Can A Beneficiary Buy A House?
If there is a partial distribution of the property and you are one of the beneficiaries, you can buy the house if you can buy it, unless any of the other beneficiaries have the item. This is often not advisable as it can lead to disputes between family members and disputes are always avoided in matters of deceased property. Do You Have To Pay Capital Gains Tax On The Sale Of Deceased Estate? If you sell the property within 2 years, you can usually avoid capital gains tax. This is why selling within that time frame makes sense to gain maximum value from inheritance. Contact Solicitors in Blackwood for more information about probate from the State Government Public Trustee, which includes a link to the Supreme Court of South Australia. If you are selling a property that you have inherited, contact Jackson & Associates Solicitors in Adelaide Hills to guide you through the process. Rest assured that we will do this with great professionalism and take care of every step.
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Jackson Associates Solicitors Belair, South Australia in dealing with Wills, Powers of Attorney, Advance Care Directives and Probate, Deceased Estate Administration services in Belair, SA Archives
November 2020
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