Estate Distribution Timing

Discussion in 'Wills & Estate Planning' started by flywire, 25th Mar, 2021.

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  1. flywire

    flywire Member

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    The last of the parents died holding full title to a NSW family home and other assets valued at a bit more. The estate of a dozen assets and liabilities was left evenly between the adult son and daughter, probate granted recently, debts settled and income tax less than the threshold requiring payment.

    The daughter, who lives in the family home, wants the estate distributed asap (within six months of death) to take the family home as her own and the son wants settlement delayed to take advantage of the estate concessionary tax rates. The daughter would be agreeable to release and indemnity of unforeseen claims.

    Is it possible to distribute the estate now on current values so the daughter gets the house and a bit more with no call on the rest of the estate allowing the assets to be reinvested, the son to leave his share in the estate and take the balance of the estate in a couple of years?
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes, potentially. but the executor should seek legal advice.
     
    flywire likes this.
  3. flywire

    flywire Member

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    Location:
    NSW
    Thanks. I spoke to a local lawyer who said he could draft something but there was no need. Parties just need a written agreement between themselves documenting estate value and how split then sign it.