Transfer of Property
Process for Transfer of Property
Once a reseal or a fresh grant of Probate of Letters of Administration has been obtained, the Executor or Administrator (as applicable) will be able to use that to transfer, sell or collect the Australian asset.
In the case of property, the reseal or grant will allow them to either put the property on the market for sale, or to transfer it to the beneficiary named in the Will or under the laws of intestacy.
Similarly, shares can be sold with the aid of a share broker, or can be transferred to a beneficiary. In the case of bank accounts, the reseal or grant will ultimately enable the bank to pay out the funds in those accounts. It is important that the Executor or Administrator seek financial advice in regards to the tax implications of transferring or selling assets.
Distribution of Assets
Where funds are paid from a bank account, or shares or a property are sold, the money from those will be paid to the Estate, and from there to the relevant beneficiary.
Monies that are in an estate can often be held in a solicitor’s trust account, although the Executor or Administrator can also set up a separate bank account in Australia specifically for them. It is usually advisable to hold those monies in the estate for a period of time before they are paid to the ultimate beneficiary. This is to allow for costs and any potential challenges to arise. As this varies from state to state, the lawyer you are dealing with can advise you in relation to this.
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