I am one of two Executors of will. My mother passed away in 2016. Probate was granted in 2017. I can live at the property for as long as I wish (Terms of the Will). No contact from other the executor of will since before Christmas.2017. I will be posting an email sometime in the next week to the other executor. My current legal counsel suggests selling property and purchasing a retirement unit.
I have no other income except a Newstart Allowance. Since I understand that the Real Estate Agent wants me to sell due to the size of the land ( an old style quarter block - 1950's era), and my present legal counsel sees that it would give me peace of mind to sell and thus be free from the responsibility of a joint tenancy, how much am I permitted to have in liquid assets and still keep the Newstart Allowance, or hypothetically once the property is sold, and I decide to cut myself off the Newstart Allowance, having purchased a property (Affordable) at that time, how do I invest my balance from the sale price?
I have access to all necessary Public Transport with a walk to the railway station only seven minutes from the property and five minutes to the shopping centre. I may catch a bus and travel to the Sutherland Shire, Illawarra, Menai, Campbelltown, etc. You get the picture. I do not drive as I handed in my drivers licence several years ago. I am a middle aged single female. I am on the Airport Line T8 Sydney trains.
I have also been legally advised that I may apply for an Actuary to calculate how much extra I may claim since I would be giving up my right of residency. Is this correct? What is the difference between right of residency and right of tenancy? No rent is being paid at this time.
To make things a little clearer. The Terms of the Will state that I may live in the house making use of the furniture for as long as I choose, and at such time that I decide to leave it is up to me to have the house placed on the market.
The Terms of the Will also state that the monies that were transferred into the Joint Estate Account are to be used for all ongoing maintenance of the property. Last year 2017, I engaged a plumber for clearing the sewerage line. This cost me $275. The other executor had refused to sign the Joint Estate Bank Account so that I may claim the reimbursement of this amount, since I paid for the plumbing work out of my own expenses.
He is going against the Terms of the Will and to date has not reconsidered signing with me to release these monies for which I am legally entitled. He stated that it was up to me to pay for all repairs, etc and ongoing maintenance myself. This is not what the Terms of the Will states. The Terms of the Will give provision for the monies in the Joint Estate Bank Account to be used for "all ongoing repairs and maintenance".
Thank you.
I have no other income except a Newstart Allowance. Since I understand that the Real Estate Agent wants me to sell due to the size of the land ( an old style quarter block - 1950's era), and my present legal counsel sees that it would give me peace of mind to sell and thus be free from the responsibility of a joint tenancy, how much am I permitted to have in liquid assets and still keep the Newstart Allowance, or hypothetically once the property is sold, and I decide to cut myself off the Newstart Allowance, having purchased a property (Affordable) at that time, how do I invest my balance from the sale price?
I have access to all necessary Public Transport with a walk to the railway station only seven minutes from the property and five minutes to the shopping centre. I may catch a bus and travel to the Sutherland Shire, Illawarra, Menai, Campbelltown, etc. You get the picture. I do not drive as I handed in my drivers licence several years ago. I am a middle aged single female. I am on the Airport Line T8 Sydney trains.
I have also been legally advised that I may apply for an Actuary to calculate how much extra I may claim since I would be giving up my right of residency. Is this correct? What is the difference between right of residency and right of tenancy? No rent is being paid at this time.
To make things a little clearer. The Terms of the Will state that I may live in the house making use of the furniture for as long as I choose, and at such time that I decide to leave it is up to me to have the house placed on the market.
The Terms of the Will also state that the monies that were transferred into the Joint Estate Account are to be used for all ongoing maintenance of the property. Last year 2017, I engaged a plumber for clearing the sewerage line. This cost me $275. The other executor had refused to sign the Joint Estate Bank Account so that I may claim the reimbursement of this amount, since I paid for the plumbing work out of my own expenses.
He is going against the Terms of the Will and to date has not reconsidered signing with me to release these monies for which I am legally entitled. He stated that it was up to me to pay for all repairs, etc and ongoing maintenance myself. This is not what the Terms of the Will states. The Terms of the Will give provision for the monies in the Joint Estate Bank Account to be used for "all ongoing repairs and maintenance".
Thank you.
