Transfer of Ownership from a Deceased Estate
Whether you are an executor or a beneficiary in a person’s Will, there are some things you need to know. A beneficiary can be a person or an organisation. The beneficiary is someone who has been left something in an individual’s Will. There are various ways in which a person can transfer cars, property and assets from a deceased Estate.
How Cars Are Transferred?
During the transfer of car ownership to the beneficiary, one needs to provide a few documents to VicRoads. These include the Will and proof of the Executor’s identity along with a copy of the death certificate copy. Apart from this, the beneficiary will also have to fill out a transfer of registration from a deceased estate form. The completion of the form happens only when the person does the following:
How Real Estate Is Transferred?
To understand how to transfer real estate, we need to know if the property is held solely, jointly or as tenants in common:
Joint Owners with a Surviving Owner
When two people jointly own real estate and one dies, the surviving owner gets complete ownership of the property. Here, the surviving owner needs to lodge a surviving proprietor (owner) application. This application is lodged with the Land Registry Services office of Land Use Victoria. This application lets the land Registry Services know that one of the owners is deceased. The Land Registry services shall then transfer the property title into the other owner or surviving owner’s name.
No Surviving Owners of Tenants in Common
If there are no surviving owners or tenants, then the real estate becomes part of the Estate. The Estate can either be transferred or divided according to the Will of the deceased. This division can occur if:
Once the Executor has the grant of probate or letters of administration, this person is called the ‘legal personal representative.’ The legal personal representative holds the real estate until they distribute or sell it according to what is written in the will.