Probate Estate Administration Lawyers Australia New Zealand

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

reseal probate lawyers australia new zealand

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.

Ready to find out more?

You can start an enquiry using Lucy, our virtual assistant, who can help you get in touch with the best probate and estate law firms in Australia. Simply click on the pop up in the bottom right corner of your screen to begin.

Alternatively you can send us an email!

Click here to go back to the top.

Menu

Email Us

Recent Articles

overseas-assets-and-australian-wills

Overseas Assets and Australian Wills

August 27, 2018

With such a multicultural population, it is not uncommon for us to meet with clients who have assets in overseas countries, whether that be real estate, bank accounts or superannuation funds. But does their Australian Will cover these assets? The default answer is generally no – unless the foreign country where those assets are held…

Read More