Our experienced business advice lawyers can help you choose the best structure for your business both now and in the future.
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.
How to apply for a Survivorship Application
Most Survivorship Applications are completed to transfer property like the family home, land or other real estate. In Victoria, you can do this electronically by lodging your Survivorship Application through PEXA.
Before completing your Survivorship Application, you need to make sure that you have a few documents relating to the estate and property. These include:
- The original Certificate of Title to the property that your application relates to; and
- The deceased’s death certificate.
If there’s a mortgage or home loan on the property, you may also need to get written approval from the lender. While you don’t generally need a copy of the deceased’s will, it’s often useful to have it in case there are any questions about other assets in the estate.
A lawyer or conveyancer needs to lodge a Survivorship Application on PEXA for you. You can also fill in a paper application and lodge this with the Land Titles Office in Victoria yourself, or our lawyers can help you complete the paperwork so that it’s done right. This can be particularly important if you want to sell the property quickly or if the will, estate or property is the subject of litigation or dispute.
How MNG Lawyers can help
Losing your partner is a very stressful and emotional experience. Our estate and family lawyers can make it easier for you by helping you to prepare your Survivorship Application correctly for any property that you held as joint proprietors.
Whether you shared a home with the deceased, or had other joint property, our estates lawyers can explain the consequences of transferring ownership of the property to you and help you understand any potential litigation issues and what it means for the deceased’s will. Located in Melbourne and Ballarat, we’re always nearby to make sure you’re supported through the entire process.
Frequently Asked Questions
Yes, you can change your business structure if you find it no longer meets your needs. Depending on the complexity of your business and the structure you have and want to change to, changing how it’s structured can be relatively simple or may be quite costly.
While it’s not always essential that you have an agreement, for some business structures we recommend that you do have an agreement. For example, a partnership agreement would set out the rights and responsibilities of the partners. Similarly, a shareholders agreement sets out the obligations and rights of shareholders in a company. If you’re establishing a trust, you will need a trust deed to be drawn up.
Some business structures do require specific legal registrations. For example, a sole trader doesn’t have to register their business but a company must be registered with the Australian Securities and Investment Commission (ASIC). Regardless, if you have a business name that you use publicly it may be worthwhile registering your business name.