We are living longer, divorcing more, but on the positive, marrying more too! However, the knock on affect is we have complex webs of financial and family arrangements.

Death and taxes are the two things we’re assured of in life apparently, and when a loved one passes away, all those complicated financial webs can suddenly bubble to the surface. At an emotional time, finding your way through these financial webs can be challenging, particularly when there is the selling of a house is involved.

Property law specialist lawyer, Allan Farrar has been providing expert advice and compassionate guidance in this field for over forty years. In our Knowledge Book, Selling in Unexpected Circumstances, he shares critical knowledge that can help families and agents navigate the difficult legal and property waters.

Think ahead

Whilst we do not want to think of anyone dying, important conversations to need to be had, Allan says we do need to have these conversations to make the process easier, and he suggests:

• Draw up a will
• Share bank account details, names of lawyers and lists of assets with a trusted person.
• Communicate between family members. Keep a folder at home with legal papers, wills, financial documents, names of solicitors and so on
• Consider having an Enduring Power of Attorney and Enduring Guardians as both of these can save a lot of issues for your family.

Step by step process

The Selling in Unexpected Circumstances knowledge book gives you a step by step process of what needs to happen when. It goes into detail of who you need to advise and what you need to get together for probate:

• Advise the deceased’s legal representative of the deceased’s passing.

The lawyer, in due course, will prepare documentation for the granting of probate or the release of assets. In a perfect world, the executor would provide the lawyer with:

• a list of all the assets and liabilities
• a list of the beneficiaries, their dates of birth and their addresses and
• a list of shares in public companies with the SRN details. The SRN is the Security Register Number i.e. the number on the top of the dividend stipends which varies between companies.
• Notify institutions of the loved one’s passing and cease payment of pensions.
• Notify banks or other institutions that hold any assets of the deceased’s estate so they can be aware of the death and deal with the assets. It depends on the nature of the assets as to how far and how much detail you need to go into, but this is something your solicitor or legal representative can assist you with.

Practical advice

Good sound advice is what you need in challenging and emotional times, and our booklet will highlight some of the other things you didn’t think of and need to consider such as:

• will the house continue to be insured?
• should you sell at auction?
• what are the taxation issues?

Independent advice for free

Our Knowledge Book, Selling in Unexpected Circumstances, is completely independent advice and is free! Download your copy at http://bit.ly/2nJRcR6 or simply text “unexpected” to 0488 884 520 to instantly receive the book to your phone.

Want to learn more? Our experienced and compassionate team is here to help; we guide and support you through the bad times as well as the good.

Call in and see us in the Cardiff office or give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au – we’d love to hear from you.

And don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.