The deceased had not lodged a tax return for 31 years

If no will it goes via the intestacy laws. Generally would not trigger a CGT event on sale of shares as the estate would be passed - to spouse in most cases, but spouse and children in some

 

An executor is permitted by state trust law to engage suitably qualified persons to assist with administration and have the cost paid from the estate. A less obvious cost can include a real estate agent or share broker - You pay them to sell the property / shares etc

Some hand the lot to a solicitor or trustee company or worse still the public trustee and throw their hands in the air. Others may assign key elements of tasks or advice to a financial planner, solicitor, accountant etc. We frequently assist in estate administration.

Example : Executor Assist | Australian Executor Trustees

 

Just noticed how expensive application for probate and the Supreme Court filing fees are. It's not cheap to cark it and get your estate wound up.

 

I get the court fees. I dont get the regulated fees based on the assets. An estate with $10M of cash v's a $10,000 cash estate is very different. ie $5860 v $0 And yet there may be a sole spouse beneficiary.

Definitely a reason to consider joint assets.

 

It's the disbursements over and above the probate filing & the regulated fees as well. I definitely agree that it must one of the few 'regulated' fees which still exist whereas the majority of other legal services have been deregulated.

 

I don't think the fees are high enough to worry about generally. You wouldn't really want to structure a joint ownership just to avoid the potential fee on death. if you were terminal and had $10mil in cash it mgiht be time to consider it though.

 

I married for the 2nd time and my dear? husband announced as we were building our investment units that he had not lodged a tax return for many years and had not even applied for probate when his first wife died some years before. OMG

He was completely useless about money and there were no records, it was a nightmare and our new accountant very nearly refused to lodge the papers with the ATO. Took me 3-4 months to sort it out to the satisfaction of ATO and complete probate. Needless to say I handled all of our financial affairs from then on.

It had never occurred to me that anyone could get away without lodging a tax return for so many years!

 

Yes a bank loan application can bring these issues to light.

 

Yikes. That is quite a piece of "news" to keep to himself until after you were married and undertaking an investment together.

 

Wow, if that doesn't reignite some kind of (anti) domestic violence debate, I don't know what will.

 

I understood why and how it had happened and forgave him. For our accountant who continued to look after us for another 20 years until my husband died it was a something we both laughed about for many years ...

 

Well, in context of my post above, I'm so glad it worked out so positively for you, given the "initial administrative hardship" that you may have suffered, (including your accountant)...

All the best for the new year.