THINGS YOU NEED TO KNOW Selling a deceased estate Twomey Schriber Property Group
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Selling the home of a loved one who has passed away is extremely emotional and often a difficult decision to make. Squabbles can be minimised with a clearly defined Will, but often not completely avoided. However, in many situations, there is no Will and the process of working out who can administer the estate and what the beneficiaries receive is complex and stressful for everyone involved. Even when a Will is present and well defined, family members may contest it and turn an already difficult situation into a legal nightmare. Often, the biggest (and hence most contested) question after a loved ones passing is deciding what to do with their property. Maintaining a deceased’s property can come at a huge cost (both monetary and emotional) and most of the time, it gets sold for that reason. I have created this step by step guide with information on what to consider and things you need to know. I am here to assist you in anyway possible. Whether that be a phone call to answer some questions, to a full concierge service assisting you in all aspects from start to finish. Please don’t hesitate to contact me - I’m here to guide and support you in anyway I can. Karl Latham Estate Sales Specialist Twomey Schriber Property Group 0403 887 645 karl@tspropertygroup.com.au
Twomey Schriber Property Group
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Things To Consider Is there a Will? If yes, then it needs to go through Probate. If no, you need to establish who has priority and apply to be appointed.
What is Probate? Probate is the Supreme Court of Queensland’s official recognition of a Will as legally valid. A grant of probate is a Supreme Court document that recognises someone’s authority to deal with the estate of a person who has passed away.
How long does it take? Approx. 2-3 months. Obtaining a Grant 4
Selling a deceased estate
of Probate or Letters of Administration in Queensland generally takes a minimum of eight weeks from the start to finish.
Tricks and traps executors need to be aware of Appropriate insurance - Ensure the property is insured. It’s the executors job to protect and preserve the estate. Depending on the size of the estate, and the age of the executor, there will need to be a final tax return for the deceased from the beginning of the financial year to the date of death, and then possibly an estate return covering from the date of death to the end of the financial year.
Transferring assets to beneficiaries Do assets need to be sold within the estate or transferred to beneficiaries in-specie (that is, transferred without selling any primary investments)?
Selling assets during the estate’s administration could take care of any capital gains or tax losses if you decide not to transfer to the beneficiaries.
Claims against the estate 6 months to give notice from date of death. In a situation where family members might be treated differently in the Will, or inheritance and provision claims are made, an executor will have to become involved in all litigation among family members.
Superannuation An executor is responsible for maximising the overall value of the estate. This means an application has to be made to the superfund that any accounts - which are not subject to a binding death benefit nomination - are paid into the estate.
Family trusts and private companies The executor may need to take on the role of a deceased trustee of a family trust, the role of the appointer of the family trust, or be appointed as director of the private family company. This leads to different obligations when they took on the role as an executor.
Withdrawing from responsibilities The only way to remove an executor is for the grant of probate to be revoked and a new executor appointed. This can be a difficult process. Generally it’s best practice for anyone appointed as executor to renounce their role before starting if they don’t think they’ll be able to fulfil their responsibilities.
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I found it easy to talk to Karl. He kept me very informed along the way when selling as part of the estate. He helped me select a local solicitor and advised me on the title requirements. Karl made the whole process seem simple. - Mogen Earles -
” Twomey Schriber Property Group
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The Process
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The executor applies for a grant of probate. Alternatively, a beneficiary can apply for a grant of letters of administration.
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Identify all assets in property and ensure all are insured in case of loss, theft, or damage.
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The executor then applies to have the title changed from the name(s) of the deceased to their own name.
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The executor collects multiple quotes for any costs related to selling the property. This can include agents, as well as contractors when there are repairs to be done.
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Change the locks and mail delivery.
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Go through everything in the home and decide what to do with the items.
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The executor then prepares the house for sale. They also work with the agent to list the property for sale.
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The executor should aim to maintain transparency, keeping beneficiaries informed throughout the process.
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When the property is sold, the executor distributes the funds to the beneficiaries, according to what’s outlined in the Will.
Selling a deceased estate
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We were so grateful for the advice Karl provided in helping us sell my parents’ house. Being a deceased estate, the property was a bit rundown. With Karl’s help, we were able to make it presentable and sell it for the price we wanted, which was $50,000 more than other agents told us we’d receive. The team kept us informed every week how each open home had progressed and what interest was being shown in the property. - Rita Zappulla -
Twomey Schriber Property Group
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Karl Latham Licensed Real Estate Agent Twomey Schriber Property Group 320 Sheridan Street, Cairns North, QLD 4870 0403 887 645 karl@tspropertygroup.com.au
Disclaimer: This guide has been prepared by Twomey Schriber Property Group. The information provided in this guide is for informational purposes only.
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Selling a deceased estate