Probate and Inheritance Inquiry
The client is addressing probate and inheritance matters in Western Australia following the passing of their parents. The estate consists of a residential property, which is intended to be inherited by the client and their sibling, along with bank accounts, shares, and smaller assets designated for the client's two siblings. There is a valid will specifying these terms. The residential property will not be sold, and the client's inquiry focuses primarily on whether probate is needed for the distribution of these assets. No specific details about the estate's total value or outstanding debts were provided.
Questions about this case
These answers have been verified by a lawyer in the LEAP networkDo we need to apply for probate in Western Australia if the estate includes a residential property, bank accounts, and shares?
In Western Australia, the requirement to apply for probate generally depends on the nature and value of the estate's assets. Typically, probate is required to manage and distribute significant assets such as residential properties, shares, and substantial bank accounts, as financial institutions often necessitate a Grant of Probate to release these assets. If the property is solely in the names of the deceased parents, probate will likely be necessary. Yet, if assets are held jointly with survivorship rights, probate may not be needed for those. It is advisable to consult with the relevant financial institutions or a solicitor knowledgeable in WA probate law for further clarification.
What is the process for transferring ownership of the property to me and my sibling?
To transfer ownership of the property to you and your sibling in Western Australia, the executor of the will must first ensure that the property is transferred according to the will's directives. If probate is granted, the executor will apply to the relevant land authority to register the property in your names. This includes completing the necessary transfer forms and paying requisite fees, which may include stamp duty exemptions for beneficiaries. It is also essential to confirm that there are no encumbrances affecting the property title.
How are the bank accounts and shares distributed if they are mentioned in the will?
If the bank accounts and shares are outlined in the will, they must be distributed as specified. This typically requires the executor to ensure the transfers are completed according to the will's instructions, which may involve notifying financial institutions and providing essential documentation for each asset. In cases of complications or discrepancies, seeking legal guidance to ensure adherence to the will’s terms may be necessary.
Are there any taxes or fees associated with inheriting property and assets in Western Australia?
In Western Australia, while there is no inheritance tax, there may be implications for capital gains tax if the inherited property is later sold, alongside potential stamp duty if property transfers do not follow the will's instructions. Fees may also apply from financial institutions during account and share transfers. Additionally, costs such as executor fees and legal fees related to estate administration should be anticipated. Consulting with a solicitor or tax advisor could provide further clarity on these obligations.
What are the legal obligations and steps for distributing small assets as per the will?
To distribute small assets to your siblings as specified in the will, the executor must first identify and appraise these assets. Any debts and liabilities of the estate should be settled before distributions are made. For assets like personal belongings or items not necessitating formal transfers (e.g., jewelry, household goods), these can be given directly to the siblings as per the will's directions. Maintaining documentation of distribution, such as signed receipts, is recommended for record-keeping. For assets that require formal transfer, contact the appropriate authorities to facilitate the transfer.
