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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44139
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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My sister and I are executors to my late mothers will,there

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My sister and I are executors to my late mothers' will,there is also a third sister who is not an executor to the will, the will stipulates that the estate has to be divided between the three sisters. If will decide to hold on to our mothers' home as an investment for a few years (our father is no longer alive) would I be able to transfer my title over to my two sons and what fees would be aplicable.

Many thanks
Good Morning

Thank you for your question. To Introduce myself I am a sydney based Solicitor and will do my best to provide you with relevant information to assist you.

Are you asking whether you can avoid having the title placed into your name and instead your 3rd being placed in the name of your son's equally?

Customer: replied 4 years ago.

Thankyou for your reply, yes basically that is what I am asking, that the title of the house be put into each of my sisters' name and the third share (my share) be placed equally between my two sons.

Many thanks
Good Morning

I am assuming it was your mothers principal place of residence.

It is possible but your sons (assuming they are over 18) will need to pay stamp duty as it is a sale form you to them.

If the transfer is going to take place more than 2 years from the date of her death then the estate will have to pay Capital gains tax on the value of the 1/3 share.

The value for stamp duty and Capital Gains is calculated on the market value at the date of the transfer even though you receive no money.

For capital Gains, the profit is the difference between the value at the date of death and the value at the date of the transfer. This only applies if it is transferred more than 2 years after her passing.

It is possible but there are taxes to be paid.

I hope this is of assistance. If I have missed anything, or you have any further questions please let me know before leaving any feedback.

If I have assisted please do not forget to leave me with positive feedback.

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