VIC Life Interest - Transfer Property from Estate to Beneficiaries

[Jimbo]

Hi Guys,

I am the executor of my late partner's will and I also have a life interest in the property. She left the property to her 3 daughters, to be sold if I leave or die. Currently the property is still under her name. The probate has now been completed and a solicitor has suggested that the property be moved into the names of her 3 daughters claiming that it can't sit in the estate for ever. I am reticent to move the property into their names even though the solicitor tells me it doesn't affect the life interest at all.

Does the property have to be moved into their names?
Does moving it into their names leave me with less or no power over the property?
Is there a risk that they will be able to sell the property without consent or agreement by me?

Regards

Jim

 

[Rod]

Does the property have to be moved into their names?

No. I believe you can put the title into your name as trustee/personal representative. There may be specific wording you need to use.

Think you need to send a copy of the will in with the change in name. You'll need to do the normal 100 point Id verification as part of land transfers.

If it was me I'd not transfer to the names of the daughters. It may be seen that you are giving up the life estate.

Yes, they'd be able to sell unless you had a caveat over the property. Could get messy and the way to prevent this happening is to put the house in your name as trustee/PR.