CONTRIBUTED BY BECKY MCKAY AT KATE REDMAN AND ASSOCIATES
Losing a loved one is an emotional whirlwind, and amidst the grief, managing their property can feel overwhelming.
In the Bayside, where property values continue to soar, handling a deceased estate requires careful navigation to ensure assets are protected and distributed smoothly. As a wills and estates lawyer at Kate Redman and Associates, I’ve seen firsthand how proper planning can prevent costly disputes and delays.
When an owner passes away, their property – whether a family home in the suburbs or an investment unit in the CBD – becomes part of their estate. If there’s a valid will, the executor is responsible for obtaining a Grant of Probate from the Supreme Court of Queensland. This legal step confirms the will’s validity and grants authority to manage assets. Without a will, intestacy laws apply, potentially leading to unintended beneficiaries and prolonged court involvement.
Key challenges include transferring property titles through Queensland Titles Registry, addressing any outstanding mortgages or rates, and handling capital gains tax implications if the property is sold. For instance, exemptions may apply if the property was the deceased’s primary residence, but timing is crucial to avoid unnecessary tax burdens. Family provision claims can also arise if dependents feel inadequately provided for, turning a straightforward process into a contentious one.
Professional guidance is essential to streamline this. By engaging experts early, you can safeguard the property’s value and honour the deceased’s wishes efficiently.
