Whether they are a family member or a business partner, the death of someone with whom you jointly own property is a difficult time. You will likely have a lot on your plate, and filling out legal paperwork is just one of the many things you need to deal with.
That why it's important that you don't overlook the survivorship application while you're busy with any other arrangements that you may need to make.
Here is our advice to make this process as easy for you as possible so that you have more time for the important things.
What is a survivorship application?
A survivorship application transfers the ownership of property from joint parties to the remaining joint parties, or a single party, when one of the owners has passed away.
When property is jointly owned, ownership automatically transfers to the surviving party, but a survivorship application is required to amend the title so that only the surviving party is listed as the owner. This means that a survivorship application is not affected by the deceased's will.
Survivorship application checklist
While the process for lodging a survivorship application is fairly straightforward, legal paperwork is probably the last thing you want to think about after experiencing a loss.
There are quite a few documents that you need to get in order so that you can submit your survivorship application. Here is a checklist of the documents you need to, hopefully, make process as easy for you as possible:
- Provide a copy of the death certificate.
- Complete a statutory declaration.
- Fill out a confirmation of citizenship form, Form 62.
- Complete a notice of acquisition.
- Submit the survivorship application along with all of the above supporting documents.
You must sign all of these documents and lodge them at the Land Titles Office together with the original title. After the application, the title will be issued solely in your name as the surviving proprietor or in multiple names if there are multiple surviving proprietors. You may also need to notify the rating authorities that the ownership has changed.
Financial and tax implications
Each owner in a partnership is responsible for the capital gains tax for their portion of the property. This means that after a survivorship application has been completed, your tax responsibility will also have changed.
If you are unsure of what your tax responsibilities are after ownership of the shared property becomes solely yours, then you should seek the advice of an accountant or financial expert.
Simplify the survivorship application process
When you're going through the loss of someone with whom you jointly owned property, you'll want the survivorship application to be as easy as possible.
Engaging the services of estate lawyers for your application will allow you to focus your time and energy on other things. This may also save you a great deal of stress if you are unfamiliar with the legal terminology and documentation that is required.
At Rose Lawyers, we will handle your survivorship application with care and sensitivity. We are experts in survivorship law and have a great of experience with will and estate matters, and helping our clients through tough times.
For help with your survivorship application, call Rose Lawyers on 03 9878 5222.