NSW tax implications for Trustee

[Simon123!]

Hey there everyone, I have been trowling through the ATO site to find this answer... I can't get through to them so I thought I would try here....

I am one of 6 siblings. Both parents have passed (within a couple of weeks of each other) and the estate administration is in a shambles. For some stupid reason my parents thought it was best to have 4 of us as Executors. 2 siblings are not executors as they have disabilities (intellectual ). Two siblings do not get along and are holding everything up for everyone else. This whole debarcle has now gone on for three and a half years with one of the feuding two living in the property of our parents but not maintaining it as they say it is not their property. While all 6 of us are equal beneficiaries, the way the will has been written, I am to receive the beneficiary payments for my two disabled sibilings in trust for them. My questions are:

1. What is the time limit to sell a property? I was of the understanding that if a property was to be sold it had to be done within 2 years. If it wasn't then CGT came into play - is this correct? or is it only limited to the settlement of the estate?
2. In terms of tax payable. will there be a tax payable for my two sibilings payments? if so am I liable for that or are they? the wording on the will says "the whole of my real and personal estate whatsoever in kind I bequeth to my children XXXXXXXXXXXXXXXXXXX and Simon123 as Trustee for XXXXXXXXX and XXXXXXXXX in equal shares as tenants in common.

 

[Tim W]

If it's been this long, and you're still all stuffed up,
then it's time to get a lawyer (and probably an accountant...)
to help you get sorted out.
It is sometimes possible for the costs to be paid by the estate.

The question of a Special Disability Trust is important - and to be effective, and it has to be done right.

But, as in all estate matters, first things first - has there actually been a Grant of Probate?

 

[Simon123!]

Yes, it took 18 months but we have achieved that milestone.

I have thought about getting a lawyer but to be honest this will result in the estate going to nothing as neither of these two will fold. I did threaten to remove them as executors about 12 months ago. One said I will fight you as a beneficiary and the other said fine, I am not moving and will now fight for a piece each for my kids - she has 3 kids highschool age that have lived in the house for between 6 and 10 years so most of their lives....

To be honest the only people who need the money are myself and the two siblings. The others are all well off..........so I just end up hurting myself and the two that need it the most.

 

[Simon123!]

In saying the above any advice would be welcome as I am at my wits end

 

[Tim W]

Look at it this way - you don't have to give the other benficiaries a free house at your expense.
But you also can't solve this yourself, or you would have by now.

My advice remains that it's time to bring in a lawyer.