Funera Sydney Guide: Navigating Property in Deceased Estates
Whether you find yourself managing an estate or planning for the future, understanding the nuances of property ownership in deceased estates is crucial. Funera Sydney is here to guide you through this process.
This involves exclusive ownership by a single person. If the deceased owned the property solely, it typically becomes part of the estate for distribution as per the Will.
Joint Ownership and Tenants in Common
For joint ownership, think of it like a joint bank account. Tenants in common may involve two or more people owning property in equal or unequal shares.
If the deceased's home is held in joint tenancy, the surviving joint owner inherits the property with the 'right of survivorship.' This property doesn't form part of the deceased estate for distribution.
Tenants in Common
When the deceased owned property as 'tenants in common,' each owner has a share. Unlike joint tenancy, there's no right of survivorship. The deceased's share becomes an asset of the estate for distribution.
If the deceased was a tenant in a rental property, it must be returned to the real estate agent after their belongings are removed. If the deceased was a landlord, lease agreements continue, and the executor or administrator manages them.
- Check the Will for specific real estate distribution instructions.
- Transfer real estate assets to the executor or administrator's name first.
- Pay and transfer utilities for investment properties.
- Ensure notice period requirements are met to avoid personal liability.
Check out our website or call us at Sydney Main: (02) 9954 6655, Sydney: (02) 9954 6655, Newcastle: (02) 4955 1110, Wollongong: (02) 4243 8755. Ease the journey with Funera Sydney.