WA Deceased Estate - Where/How to Start?

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TEVO912

Member
28 June 2017
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My de facto partner of 16 years passed away 3.5 weeks ago from a Sudden Death. We have gone thru all funeral arrangements , cremations, etc. and have also received his official Death certificate in the mail earlier this week.

We have gathered that we would need to apply for a probate due to his assets including farming and residential properties.

LIABILITIES:
1) DEBTS
- residential home with < $50k remaining on his mortgage to pay off - repayments of $500 every fortnight direct debited from my partners everdat banking account below.
- everyday banking is in a Debit of approx. - $45K with all expenses covered within his Overdraft facility.
- credit card Debt of < $30k also to pay off
- motor vehicle finance with approx. $875 monthly repayments, also direct debited from my partner's Everyday Banking account.
- insurance policies for 1x Motor Vehicle, 1x Caravan, 1x Home, Building & Contents, all of which are either direct debited monthly from my partners Everyday Banking and/or Credit card accounts.

ASSETS:
1) 1x residential home est. value of $750-$850K
2) various share holdings with a fluctuating value of approx $129K
3) 2 farming properties both of which are in 50% ownership between my partner & his older brother.
A) Both properties are leased out to 2 different tenants who have been leasing the properties for over 20 years.
B) The ownership of 1 property is registered to their partnership in their own personal names
C) The ownership of the other property is registered to their partnerships Company Name.
D) The company itself generates Zero income, and has Zero liabilities, with all lease payments paid directly to the each indivuals personal names.
E) Both propertied a 100% Debt-free
4) 3x Motor Vehicles, all registered in my partners name only
- 2010 Holden Caprice
- 2004 Landcruiser Prado GXL
- 2010 Landcruiser Prado VX
A) The Prado VX is the newest addition, purchased only 3 months ago through vehicle financing BUT under a Business Loan attached to my partner ABN. Est. Balance of approx. $38K
5) 1x Caravan - 2008 Windsor Royale
- Also purchased only 3 months ago using the Overdraft Facility attached to my partner's Everyday Banking accounting.

WILL & THE DECEASED ESTATE

Interpreted in a nutshell, my partners Will has instructions to finalised all his affairs and existing Debts through Selling all his assets before the distribution of the remaining balance into 4 Equal portions between myself and his 3 daugthers.

Due to this, I will need to move out and find alternate accommodation within the next 12 months.

I have advised my partners daughter that I wish to keep the Prado VX and the Caravan because they are the 2 things that we last bought together recently and hold great sentimental value.

Accommodation-wise, I am financially unable to purchase a home of my own. With 2x dogs as well, it is unlikely that I would be able to find suitable rental accommodation, therefore my backup and only other form of accommodation is our Caravan.

HOWEVER ....

QUESTIONS:

1) ownership of properties was existing prior to my time, of which I have no issues with whatsoever, however, my partner and I registered all vehicles and the caravan under his own personal name only. Given that our de facto relationship extended for 16 years, Do I even have a right to express my wishes to keep the caravan and Prado VX, with the assumption that the cost of the 2 assets would be deducted from my 1/4 share of the total inheritance?

2) With the Prado VX being only a new purchase (3 months ago), that also has a Business Loan attached as well, is the remaining balance of the vehicle finance classified as a Debt to be finalised out of the my partners Estate?

3) The Executor (my partners' eldest daughter, also a beneficiary) is concerned about what happens once she applies for a Probate and when the Grant is approved by the Supreme Court, are financial institutions automatically notified of my partners death? She is concerned that, if this is the case, the banks would freeze my partners' everyday banking and credit card accounts, and we would not have the necessary funds available to pay for services required to administer my partners Will, such as obtaining valuations of both residential anf farming properties in preparation of Sale. Is this the case?

4) If my partners everday banking and/or credit card accounts are frozen, would the Executor still be able to access the funds required for administering the terms of my Partners Will, given that all my partners finances are literally borrowings from credit facilities?

5) If the banks do freeze my partners accounts, what happens to all the existing billings that are currently being paid from direct debits? Would creditors then have the right to repossess the Prado VX and take over the house if payments stop due to frozen accounts?

Our biggest concern is that my partners daughter (the executor of the will) looses control over administering the terms of the Will to the banks/creditors. What is the likelihood of this happening?

We are just 3 women who have been thrown in this predicament and no nothing about probates etc. We are going off the information we reading online. But at the same time we dont want to have to unneccessarily waste/spend any of my partners hard earned savings. So we are really trying to reach out to people for help to finalise my partners affairs relatively cheaply but correctly so we can move on to getting use to the fact that he's no longer with us to make those decisions and be free from all this stress.

6) another dilemma that we are in as well is the fact that my wish is to keep both the caravan and the Prado VX. How do we start by selling off my partners assets to cover the costs involved without selling the 2 items that I want to keep? The 2 remaining vehicles will be sold, but the income generated from those sales wont even be sufficient to keep financial matters afloat. So, It may be that we have to sell the house first as the farming properties will take longer and is more complicated given a partnership and company is involved., which means that I may need to look for other accommodation and move out sooner than we anticipated...

7) What do we need to do to satisfy ASIC's regulations with regards to the farming property that is still registered in the Company Name given that one of the 2 directors of the company is now deceased?

8) Also the farming property that is not registered under the company name was purchased after Sept 1995. We are aware that the sale sale of this property is subject to CGT, as is the sale of all his share holdings that has a value of $129K +/-. What implications from the sale of these 2 assets do we need to be aware of with regards to CGT?

9) lastly, for each of us 4 beneficiaries of my partners estate, I think I read somewhere that our inheritance is tax-free. Is there anything we need to be mindful of with regards to the ATO and tax?

So sorry for such a lengthy post.. i just wanted to make sure i covered everything we are presently facing that we have to deal with.

Thank you in advance to anyone that can provide us with some guidance and advise with how we go about tackling the above.