Intestacy Laws in Victoria

My dad just passed away last week, without wills. He has a couple of unencumbered properties in Melbourne.

I have been reading on Intestacy and it appears that in Victoria, mum will get the first 100k worth plus 1/3rd of the remaining, and whatever is left will be shared among the children. Is this correct?

All the children agreed we do not want any shares of the inheritance and they should all go to mum. Is there anything we can sign to waive our shares away so that they all automatically go to mum without triggering stamp duty and CGT?

Who do we contact to get the ball moving to transfer the property to mum's name?

 

A solicitor - Until probate occurs the Public Trustee is the only party with capacity. Legal advice is the start

 

You were referring to ADMINISTRATION AND PROBATE ACT 1958 - SECT 51 Distribution if intestate leaves a partner

Also need to read ADMINISTRATION AND PROBATE ACT 1958 - SECT 52 Distribution on intestacy

Speak to a Victorian solicitor would be a good start as @Paul@PFI suggested especially with what you and your siblings wish to do.

 

What the heck?

 

Will the type of ownership eg joint tenants have any bearing on the outcome?

Are there any binding nominations for super and insurance?

 

ADMINISTRATION AND PROBATE ACT 1958 - SECT 19 Estate of intestate to vest in State Trustees between death and grant of administration

 

What you can do is to enter into a deed of family arrangement whereby your mother agrees not to make a family provision claim in exchange for you renouncing your interest.

You will need legal advice on the CGT and stamp duty consequences.

 

The estate vests in the state until probate or administration is granted but that doesn't mean they have the capacity to do things such as change the terms of the will or intestacy laws.

 

Super nomination is separate to Wills. Non-lapsing binding nomination is recommended.

Survivorship - see Survivorship & Full Estate Admin | State Trustees VIC

Perhaps, the properties are all owned in father's name. I don't know but specific advice should be sought from a victorian solicitor.

 

Of course not, otherwise we will have trouble! They are to administer the estate after seeking for probate or letters of administration.

 

Sorry to quick to try to reply. Please accept our condolences. We hope things will be sorted in due course.

 

Thanks guys. Ok one property was actually purchased in my mum's name so that one is all good. Just one property left 100% under my dad's name. No super or insurance money to worry about as dad migrated here in retirement age.

Spoke to a Vic lawyer that I have used for property purchases before. He advised that the next of kin will need to apply for grant of letters of administration to the Supreme Court of Victoria . Persons entitled by intestacy laws can relinquish their interests by a deed but he is not sure of the tax implication and asked me to check with accountant. Pretty much in line with Terry's post above.

 

Get the letters of administration filed ASAP because if VSC is like NSWSC, it will take a while to process.

 

Check with the stamp duty side as well - legal advice - as I am not sure of the position in VIC but in SA it would probably trigger duty.