Inheriting a Property
Inheriting a Property
Inheriting a property may not always be a straightforward task for most people. Most Australians are unaware of the implications of inheriting a property so it may be essential to seek professional help should you find yourself in a situation where you are assuming ownership of a property.
WHY DO YOU NEED BRYDENS LAWYERS?
Having property transferred to you by way of inheritance may not be as simple as one may think so it is a good idea to seek professional help to fully understand the implications of such a transfer and where it may leave you if you decide to inherit property from someone who has passed.
In circumstances where an individual may inherit property, Brydens Lawyers can assist in evaluating the benefits and issues which may arise in assuming ownership of a property.
Such issues may include asking yourself the following questions:
- What is the value of the property at the time of inheritance? You may wish to seek independent valuation of the property to determine its value and whether it may be worthwhile to invest in or dispose of.
- Are you individually inheriting the property or is it shared inheritance? Sharing an inheritance will require you to share the same goal for the inherited property together with the other beneficiary who is sharing the benefit of the inherited property.
- Will the property be kept by you or disposed of? Retaining or disposing of the inherited property may require you to act quickly so as to not expose yourself to liabilities passed on by the deceased.
- Is there a mortgage currently registered on title? If there is a mortgage on title, you will need to assess whether you are able to make repayments on the mortgage or whether you wish to dispose of the property so as to not become liable for the debts of the deceased person.
- Are there tax implications (for example, capital gains tax) following the inheritance or the possible sale of the inherited property? There are tax implications when inheriting a property especially if the receiver of the property is a charity or a foreign resident. There are instances where the property may have been a main residence of the deceased and may therefore not attract capital gains tax.
- Are you able to support the upkeep of the property in the short- and long-term? You will need to assess the short- and long-term financial effects of retaining an inherited property as this may be a liability which has not been accounted for in your financial situation
WHAT WILL BRYDENS LAWYERS ORGANISE FOR YOU?
After considering your options, you may decide to sell the inherited property.
If you decide that it may be viable in the long run to dispose of or sell the property in instances where the property has an outstanding mortgage or may be minimal in value, a conveyancer can assist in organising the sale of your inherited property from start to finish.
This may include:
- Providing initial advice and drafting Contract for Sale of Land
- Exchanging contracts and holding deposits
- Preparation of discharge of mortgage
WHY ARE BRYDENS LAWYERS THE RIGHT REPRESENTATION FOR YOU?
At Brydens Lawyers, we ensure that you are provided with the best legal advice when it comes to inheriting a property from a loved one who has passed. Our Wills and Estates Team can assist you in providing sound legal advice from the time of your first consultation right to the settlement of your inherited property.
We aim to ensure the process is as smooth and efficient as possible with minimal disruptions to you and your family during this time.
WHEN SHOULD YOU CONSULT BRYDENS LAWYERS?
You should aim to consult with our Wills and Estates Team once you have become aware that property may be transferred to you by way of inheritance.
There are often time limits you must adhere to, to ensure you are not exposed to certain tax implications or outstanding liabilities at the time of the deceased passed.
LATEST NEWS FROM LEE
An article published by insurancenews.com.au on 22 November 2019 references a reported $876 million net loss by NSW State owned Icare for its workers compensation Nominal Insurer scheme last financial year amid rising medical costs and falling bond yields.
It is reported that gross premiums were in the order of $2.5 billion while net claims expenses/scheme costs were just over $4 billion. That is, there was a reported underwriting loss of almost $2.4 billion while Icare received a net investment revenue of just over $1.6 billion.
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