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What is a Survivorship Application and why is it needed?
Many partners or close family have joint property, like bank accounts, real estate, land or shares. Joint ownership means that when one of you dies, the other partner becomes the full owner of those assets. If you were joint proprietors, ownership in the property doesn’t automatically transfer to you when your loved one dies, even if you’re named in their will and have rights to their estate. Often you need to complete a Survivorship Application to remove the deceased person’s name from the title of the property.
A Survivorship Application makes sure that the relevant government authorities have all the paperwork they need to correctly transfer title and ownership of the property to you. Your Survivorship Application can apply to property in Victoria or in other states or countries. Once completed, it then means that you are not only the owner of the property, but you’re also liable for any taxes, rates or other responsibilities associated with that asset.
The process of completing a Survivorship Application can be overwhelming, but MNG Lawyers can alleviate the stress by helping you complete the paperwork and explain what the financial implications are to you.