Easy Steps to Understanding the Fate of a Deceased Person’s Home in Australia
If you find yourself managing the estate of a deceased individual, particularly their property, this guide sheds light on the Probate process and what transpires with a deceased person's home during estate administration.
- Step 1: Unraveling Property Ownership
- Step 2: Clearing and Cataloguing Assets
- Step 3: Valuing or Selling Deceased Real Estate
- Step 4: Transferring Property Ownership
Understanding the ownership structure of the deceased person's property is paramount.
For a property without occupants, the executor or administrator should take an inventory of contents to assess the estate's value. Considerations should include the emotional connection of the family to the home.
The next step involves valuing or selling the deceased person's real estate based on ownership and Will provisions.
Transferring ownership depends on joint or sole ownership. If the property is part of the deceased estate, the executor or administrator needs to facilitate the transfer to beneficiaries.
Before property title transfer, confirmation of the executor or administrator's name is essential. Stamp duty considerations may apply, necessitating a review by the Stamp Duties Division of the Office of State Revenue before submitting documents to the Land Registry Services.
In navigating these steps, Funera Sydney can provide guidance and assistance. Contact us at:
- Main Line: (02) 9954 6655
- Sydney: (02) 9954 6655
- Newcastle: (02) 4955 1110
- Wollongong: (02) 4243 8755