Time limits on estate distribution

Discussion in 'Wills & Estate Planning' started by Silverson, 25th Dec, 2021.

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  1. Silverson

    Silverson Well-Known Member

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    Is there an allocated time for estates to be settled and assets/monies distributed to beneficiaries once probate has been granted in Victoria?
    In the event of more than one executor, if they can’t agree on sale dates etc what happens in this instance?
    What can beneficiaries do in such an event?
     
    Silverson, 25th Dec, 2021
    #1
  2. Terry_w

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

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    I think it would be 12 months generally.
    Might have to seek legal advice on the removal of one or both executors and threats of suing them if they are breaching their duties that cause you a loss.
     
    Terry_w, 25th Dec, 2021
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  3. Silverson

    Silverson Well-Known Member

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    Was having this discussion with a neighbor as he is currently in this situation. I was under the impression there was no time limit however after two years there will be cgt payable on property in the estate.
    P.S. wish you a speedy recovery, I too was cov positive a while back!
     
    Silverson, 26th Dec, 2021
    #3
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