In buying and selling a property, conveyancing solicitors make sure of a smooth legal transfer of the title. If a friend or a family member dies, it’s difficult to think about what Australian law needs you to do as you go through probate for an estate or carry out your duty as a trustee. Likewise, if you’re a beneficiary of a will, the presence of these solicitors is a very important one.
A beneficiary of a will can get a particular item like jewellery, a sum of money, land or property. Having a share in the ‘residue,’ of whatever is left after everything had been given out, is also very common.
When Solicitors Come In
* At the start, after doing their primary job of letting you know you’re a beneficiary, they’ll inform you when you’ll receive your inheritance. The length of waiting depends on how complex the property left behind is.
* When you’re entitled to a particular amount or item, it won’t take conveyance solicitors a lot of time for you to get the ‘gift’ you were left with.
* However, if your share in the estate isn’t a specific sum of money or item, this is when you have to wait for everything to get finalized. However, you can ask for the money in advance.
* If you decide to wait for the ‘residue’, probate in NSW would advise you to get a letter from the solicitor at the very beginning informing you of the possible amount you’ll get. At the end, you should receive a report detailing all figures involved.
* Contesting a will gets done if you’re unhappy with the way things are going. This can only happen a year after the death of the will’s owner.
* Unless you’re living abroad, conveyance solicitors deal with your tax return. Some beneficiaries have to pay an inheritance tax at somewhere around 30 percent of what got inherited. However, there are instances one is entitled to a tax-free sum.
* Should you get real estate and you decide to sell it, property conveyancing gets done easily by a solicitor or a licensed conveyancer, though anyone can do this on his or her own. However, Victoria, New South Wales and Tasmania all require a conveyancer as early as possible, even before you put up your inherited real estate on the market.
Finding a quality conveyancer in Sydney is the difference between a smooth preparation, verification and lodgement of the legal documents to sell a property you got from a will and one that’s full of delays and mistakes. Make sure you get a great one.