Dealing with 2 deceased estates

Thank you. I appreciate it.

 

Sorry for your losses, it is a lot to deal with at once.

When my Dad died we couldn't find a Will - of all people, my sibling and I really thought *he* would have a Will! He'd kept everything of any financial relevance since he arrived in Australia in the 1950s. Every tax assessment ever received. He even had the Law Handbook with an extra copied article in it about "the importance of having a Will" in the section about Estates! It was really strange.

I ended up applying for Letters of Administration (like Probate) and did it all myself (NSW) but I wouldn't really recommend that to anyone, it just is a really particular process. And dealing with multiple states will add to the complexity.

 

same with my Mother , maybe there is a will thief fairy , i was super surprised as well ,

i was trained from 6 years old if there is a fire ( or flood ) go there and grab EVERYTHING and get out safely ( it was even wrapped in multiple water-proof bags .. just no damn will in it or reference to who held the will or copies of it )

 

Thank you. Im sorry for your loss too and what you had to go through it adds to the difficult time. I have a lawyer in WA but have to give all docs too and he will do court docs. But doesnt really give advice but may change that if needed. Just found out that as I have EPOA for mother and as she will receive 50% of estate and it seems I could ask WA lawyer to apply on my behalf as sole letters of Admin. Not sure if I will but Sibling A (multi millionaire) gave me and Sibling B extremely diff time bef he passed away. Now he is being more rational as he doesnt have the power in brothers estate.

 

Wow that is a lot to deal with. My lawyer maybe able to assist or be able to recommend someone who can Welcome to MDH Legal

 

Thankyou so much. I will give the firm a call that you mentioned.

 

Update and would like some advice.
Currently with a law firm VIC & they just got info bank assests of sibling B estate. Havnt started letters of admin but can do from VIC.
Executors sibling A/solicitor on fathers estate havnt given copy of trusts/family trusts so waiting for that bef i can get financial advice.

I am working part time & have a house in regional beach NSW worth $700,000 loan $170,000. I only have super $50,000. Population will increase 20% within 2 years. I would like to keep as only 5 years old in very demand suburb.

Choice is for fathers estate. Option 1
I can have factory in frankston $420,000 income $21,000 + get cash $450,000 cash
Sib A will get factory Seaford $820,000 income $46,000 plus cash to balance it. These factories would be worth more if auctioned but estate would pay for expenses. We went on market val but executors didnt do sworn val.

Sib B estate - will have approx $470,000 + $870,000 from fathers estate . I will prob get half of this $ 670,000
I have option to not agree to family deed arrangement with fathers estate & everything will be sold.

If I got $870,000 cash i would buy i bigger house & prob would need loan of $100,000.
Rent current PPOR $500 pw.
When I receive $670,000 - I could buy another house but would like to have some money for children to help them get into property market.
Accountant/executor paid $200,000 15% tax for assests in trust. Im not sure if its good idea to keep this factory & if i have to pay anything GST or any tax implications.

If i keep factory then I could purchase bigger house later once proceeds from Sib B estate is finalised.
Im not sure if this factory will be a good investment for my circumstances.

 

Where did the values of the factories come from? Real Estate agent? Guesstimate website? You should have a proper valuation for each including assessment of market rent.

Learn about GST, neither property reaches the threshold for GST registration if held separately. Where the lease allows recovery of GST it is not a cost to you, if it doesn't allow cost recovery the rent or outgoings are grossed up.

Is it not better (IMHO) to receive a 5% on the factory than <1% on a term deposit?

 

Sorry for your loss.

As someone who has had to wind up the estates of several relatives in recent years in WA, it is a relatively simple process if there is a will.

So initially I was going to suggest that if you wind up Brother B's (WA) estate quickly, and the funds are distributed to your mother, then you as EPOA would also be able to transfer these funds (whilst she is alive) to wherever.

However, given that she is in a nursing home, it is also likely that she paid a (not so small) Accommodation Bond on entry to the home. Most of this is refunded to her estate on passing, so ultimately you will need either Grant of Probate or Letters of Administration to deal with this in the future.

As you are not in WA, pay the money and engage a specialist.

 

How does this fit into it?

 

Thanks for your replies
R/E gave market valuations. Smaller factory was leased apparently for less than normal. I believe tenants are paying GST. I think executors are trying to avoid doing valuations, but i prefer everything done properly.

There was alot of confusion where I could apply for letters of admin. Nobody knew who I had spoken to.

Sib b has a car & some cash in WA and 80% of his estate is in shares - commsec & has SMSF fund/involved in family trust in VIC. & bank a/c in vic with some cash. .vic lawyer said they can apply for Letters of Admin.

Is it a easier process from WA to apply?

They have told me its where the majority of assests are. . Im not in WA and have not ever contemplated doing it myself. Im in NSW.

 

Vic lawyer who gave me independent legal advice on family deed of arrangement. Said i need to get financial advice. So initially spoke to finanical advisor & he said he cant give it bec I dont have a copy of the family trusts/SMSF docs.

 

You need a valuation from snow independent valuer to ensure that neither of you get short changed.

Yes, if it were me.

 

Family trusts and their assets don't form part of the deceased estate. Either directly or indirectly. You should not really be counting trust assets, but they could be taken into account as part of the settlement process.

Super doesn't either, but the deceased's super can be paid into the estate.

There is no need for financial advice really.

 

Thanks Terry.

I think I will need to find a specialist lawyer in Estates to do letters of admin.

 

Thank you.

 

Thanks for your reply..i believe its 4-6 weeks in WA from applying for letters of admin. Im not sure if it is longer in Vic.

 

Need some advice on Commercial property auctions.
3 properties will be auctioned by the Executors of fathers estate. Im a beneficiary. 2 factories + 1 house in Vic. I am concerned that executors are not trying to get the best price.

One of the factories which my brother will be bidding at the auction. The solicitor rushed the auction of this factory (value over $800,000 from advertising until auction date 17 days. Agent didnt advertise in marketing "Executors Auction." I queried this & he said we dont normally say that.. is this normal?

Other smaller factory is 23 days Auction period.
R/E agent rang me weeks ago stressed as he rang conveyancer/executor solicitor office & was advised Section 32 was prepared in March & will expire in June & it wont be enough time for him to prepare as he needs 6 weeks for campaign. Now he has changed his tune as he wants the business.
I will seek legal advice tom. But has anyone any experience on commercial auctions & executor has a responsability to get the best prices for the asests. Im not sure if I am over reacting or there is a legal cause to dispute. We couldnt come to agreement with Family Deed of arrangement.

 

Hi Single, if it was me (and i wouldn't wish that on anyone) I would be a bit cautious about sharing too much detail on an open forum. I don't know why i would be like that, maybe i don't trust ppl where money is involved.

It is cool that you are not rowing with your sibling, cos from a risk perspective that would be problematic and no fun at all.

I actually think you need a trusted person to counsel and advise you, maybe lawyer, maybe not. I think that might be best done very privately with your family, and maybe this trusted person could take some of the administrative burden off you. Maybe this person to find good lawyers, accountants etc. and those ppl could have faces and names that are real.

And you need to take care of the dead, but look after the living (including yourself).

Best wishes.