Sharing Property Inheritence - Vic

Probate has been granted and a property has been left to 3 beneficiaries.

It is agreed between the 3 parties that one of them is to own the property.

Can the 2 non-interested beneficiaries renounce their inheritance on the property so that it automatically gets transferred to the interested beneficiary (and therefore avoid stamp Duty ?)

Are there any implications that I am not considering here ?
Can the receiving beneficiary pay the non receiving beneficiaries without any issues after this is done ?

 

It can be done potentially a few ways. Trusty appropriation, renunciation by beneficiary or deed of family arrangement. You should all seek legal advice. Paying for it might trigger duty and cgt

 

There is a CGT issue potentially if you inherit a property right and end that and obtain a different right. The way the will is worded may have opportunity or be a issue in some cases and some states. Ideally a will with equalisation clauses etc will help. A will which is specific as to a interest in property as a entitlement can be less accomodating. Basically OSR must agree to the tax free nature and will assess the transfer along side the will. May be proportionately dutiable otherwise. A property that wasnt the deceased's main residence at death can have some CGT impacts borne by the estate. And then who will incur that loss to the estate ? Likely two beneficiaries ? Or is it equally shared ?

The bare basic two beneficiaries are paid out by the other who obtains finance for the 2/3rd share is generally dutiable. And treated as a inheritance then disposal. market value substitution rule can also apply where a transfer is for no consideration.

Definately one for legal advice as any will should be.