Mum passed away without a will

Hi PC members,

My mum and I co-owned an investment property.

- Fully paid
- Under Tenancy in Common
- 50% Mum, 50% myself

Sadly, mum had passed away. She did not draft a will. Mom had two children - myself and my brother.

Questions :

1. Will mum's share be equally divided between my brother and I ?
Meaning my share will now be 75% ?

2. Brother and I intend to sell this IP.
What steps should we take before we are allowed to sell ?
Do we need to inform ATO to proceed with a change in share of title first ?

3. Do we have to pay stamp duty as beneficiaries ?

 

Sorry for your loss. I think you will need to see a lawyer to sort this out.

 

1. the intestacy laws will apply if there is no will. These vary from state to state
2. Someone should apply to the Supreme Court of Administer the estate
Title transferred from mum to the administrator and you
depending who sells it it might need to be transferred from you and the adminsitrator to you and the beneficiaries or straight to purchaser
3. Generally not

 

You will need to apply for Letters of Administration (similar to Probate) as your mum did not have a will. Better to see a solicitor as the process is a little complex. Unless you obtain Letters of Admin or Probate, you won't be able to sell the property nor change the ownership shares.