Property distribution is a complex matter for most people. Especially if the property holder passes away without leaving a will. It leads to disputes among relatives while dividing real estate and assets. You may even face challenges if you have considered selling deceased estate property in Brisbane. From family dynamics to personal circumstances, various factors affect the property. Let us discuss what happens to a property when an Australian in Brisbane dies.
Asset distribution according to wills
If the deceased persons created wills during their lifetime, it is easy to divide a property. The will creator should clearly mention their intentions and wishes. For instance, this legal document needs to reveal the name of the person who will inherit the property after their death. The nominee and total value of each legal heir will receive are other details in the document.
So, while creating your will, choose a trustworthy person to access and manage your property.
If the deceased person has left a will, the executors should apply for a Grant of Probate. Probate is the court order that enables the executor to allocate the deceased’s property based on the will.
You can choose a lawyer to prepare and file the Probate in court. The legal expert will also help you arrange essential documents to be submitted with the application:
- The affidavits
- The death certificate
- The will
- Liabilities and asset details
After receiving the grant for Probate, the executor will arrange and distribute assets based on the will. Although there are various types of assets, the main ones are:
- Shares
- Real property
- Cash at bank
- Motor vehicles
Remember that each asset holder must have a death certificate and a Probate copy. However, if the deceased person did not create the will clearly, there is a risk of disputes.
Can you sell the deceased person’s property?
Some Australians think of selling deceased estate property in Brisbane. But, everything depends on the will and ownership type. The executor should assess the property value for final distribution and tax purposes. You may also hire a specialist for an accurate valuation.
If beneficiaries have accepted the decision on sale, the overall selling process will be easier.
What happens if there is no will left by the deceased person?
A property owner passed away without creating a will. Who should acquire the property? The closest relatives can apply for the Grant of Letters of Administration. The letter is the court order that authorises the executor for asset distribution according to laws.
The process of estate distribution is the main factor differentiating Probate from Letters.
The legal rule determines the estate distribution in various ways:
- The spouse will own the estate.
- The children will inherit the asset if there is no other spouse.
- The government can claim to own the property if there is no contestant.
Summary
Creating a will is important to prevent disputes among legal heirs. But, if you find the property distribution process complicated, look for lawyers in Brisbane.