Ever wonder what happens to your property when you die?
Well, it all depends on how the property was owned during your lifetime.
If you currently own property as joint proprietors with another person, this property will go to the surviving proprietor on the death of one. When this happens, we would complete an Application by Surviving Proprietor with the titles office to register the surviving proprietor as the sole owner of the property. A Grant of Representation is not usually required for this kind of transfer.
Alternatively, you might own property as tenants-in-common with one or more family members. For example, you might own 25% of a property and your partner owns the remaining 75% of the property. In this instance, your 25% will pass according to the terms of your Will and we would need a Grant of Representation to complete this transfer.
A Grant of Representation would also be needed should you solely own any property at the time of your death.
To transfer property owned as tenants-in-common or solely we first need to do a Transmission application, wherein we first transfer the property into the name of the Executor (or Administrator) of your estate and thereafter complete a transfer of the property into the name of the beneficiary named in your Will. Alternatively, the property could be sold while in the name of the Executor (or Administrator) and the proceeds paid to your beneficiary.