- October 23, 2023
- Posted by: legaleseblogger
- Category: Related News
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**AI Legalese Decoder: Providing Clarity and Assistance in Estate Matters**
1. **Understanding the Situation: Unfortunate Passing Without a Will**
Tragically, our parent passed away without leaving a will, which has raised various concerns and uncertainties regarding the distribution of their estate. As the sole inheritants, my sister and I seek resolution and clarity in this trying time.
Fortunately, we have taken proactive steps towards resolving this matter by appointing a lawyer to assist my sister in applying for the role of administrator/executor of the estate. While this process may typically take an estimated 4-6 months, it is important to consider the potential reasons for this lengthy timeline, such as court procedures and the necessary period for identifying any potential claimants to the estate (though, to our knowledge, there are none).
This is where the AI Legalese Decoder can prove invaluable. By utilizing this advanced technology, we can expedite the process of deciphering legal terminology and procedures, gaining a clearer understanding of the steps involved, and potentially reducing the time required for estate resolution.
2. **Implications for the House and Mortgage: Complexities and Possible Solutions**
In a bid to shed light on our situation, I have a few specific questions regarding the property, its value, the outstanding mortgage, and the implications we may encounter throughout this process.
Question 1: *Future Ownership and Sale of the Property*
Assuming that my sister is declared the rightful owner of the property in approximately six months, we plan to sell it and utilize the proceeds to pay off the remaining mortgage balance. Consequently, the remaining funds would then be distributed between my sister and myself, enabling us to divide the estate as appropriate.
Here, the AI Legalese Decoder could aid us in understanding the specific legalities and procedures involved in property ownership transfer, ensuring a smooth and uncomplicated transition and sale.
Question 2: *Mortgage Matters and Bank Communication*
As of now, we have not yet informed the bank about our parent’s passing, prompting concerns about the implications on our mortgage and account status. We intend to contact the bank soon but seek insights into the potential outcomes of this interaction.
Considering the AI Legalese Decoder’s vast database and comprehensive understanding of legal matters, we hope to gain clarity on a range of topics, including the status of our mortgage payments during the estate administration period, the possibility of the bank enforcing a mortgagee sale before the estate ownership is finalized, and the option for my sister to utilize her approved amount from her own bank to pay off the remaining mortgage and take over the property.
Thus far, our assumptions may be on the right track, given the information available to us. However, we would deeply appreciate any additional insights and guidance from individuals who have navigated similar circumstances. With the assistance of the AI Legalese Decoder, we can confidently address these concerns and ensure a smooth resolution of our parent’s estate, offering us some much-needed peace of mind during this challenging time.
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Title: Understanding Legal Terminology and Simplifying Complex Documents with AI Legalese Decoder
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When you say unmarried, did your parent have a defacto partner/spouse? Because they will be entitled to receive a not insignificant portion of the estate.
Also the 4-6 month period is likely just waiting for probate/letters of administration to be granted by the high court. It was taking about 5 months for probates to come through, the high court was real backed up for a while, but I think the current time frame is about 6-8 weeks. There is another 6 month hold from when probate/letters is granted to allow for claims, so it could be 9 months before you receive any distribution but it could be up to 12 months.
The house can be sold as soon as your sister has been granted letters of adminstration.
To answer your questions:
1. The bank will freeze the accounts once you notify them, any joint accounts will be transferred to the survivor. This means you need to arrange for alternative payments for insurance, rates etc.
2. Usually, once your sister has been granted letters of administration the bank will release the funds they hold to whatever account she nominates to them, however, because there is a mortgage it’s highly likely they will hold on to it all until the mortgage is discharged.
3. Mortgage payments will continue – if there isnt enough money in the accounts to service the loan again you’d need to arrange an alternative payment.
4. I believe its possible, but I haven’t heard of it happening (at least not where the executor/administrator was actually in communication with the bank. I would only see it happening where no repayments were being made, and no one was giving any kind of update to the bank)
5. She could, although generally any mortgage would just be paid out of the funds from the house sale.
Having said all that, you and your sisters best option is to talk to the bank regarding the house/mortgage issue, as they all have different policies and requirements. For your sake, I hope its not with Westpac, they are easier the worst to deal with
no its not for court people to sit on their bums.. its predominantly for any debts to be sorted. get yourself a lawyer .
Court staff are run off their feet, not sitting on their bums.
I’m sorry for your loss. Contact the bank, they’ll help you through it, they have a process to deal with it. Every situation is slightly different, but they are experienced and will let you know what you need to do and what your options are.
If your sister is appointed administrator/executor that doesnÔÇÖt automatically make her the owner. It will mean she can be the point of contact for the bank etc.
Let the bank know asap, you donÔÇÖt need a death certificate to notify them, that can be provided at a later date. The bank accounts will be frozen and if there is money in the loan funding account, the loan payments will continue. If there isnÔÇÖt money in the loan funding account, the sooner the bank knows the owner has passed away, the easier it will be to deal with. They will allow time for it to be sorted, provided things are not being held up for silly reasons like disputes etc The banks have whole departments to look after these accounts.
Take care
Hi,
My condolences.
Please use a lawyer, there are so many little tricks of the trade that you cant know 
My mother died last year and probate only tool about 4 weeks because she had a will and a good lawyer BUT as your mother has died intestate (no will) there will be huge delays.
If your sister is willing to buy you out I would do that because there are going to be big delays due to there being no will (and significant extra costs)
It sounds like your sister can clean it up easily for you.
Yeah correct contact bank so they can safely handle the estate. They put it in the name of your late Mothers estate – sadly it will take six months. It will still any bank fees & once the courts determine you & your sister are the only claimants you can pop it on the market in six months time. Sell pay off the debt & split remaining between the two of you.
Please GET A LAWYER for yourself – donÔÇÖt rely on your sister and itÔÇÖs good to ask questions through your own lawyer.
When a person dies intestate (without a will) it is the administration act that dictates who receives the money
YouÔÇÖre entitled to half of the estate, assuming your sibling can take over the remaining mortgage do you have a plan for what happens next?
1) Assuming You and your sister are the only heirs, and there was no defacto relationship then you or your sister can act as the administrator or executor of the estate can go about applying for probate.
2) Probate is when the court looks at the will, approves it and then approves the applicant to be the executor who will dispose of the estate as per the instructions in the will.
That will mean things like communicating with the bank, selling the house, transferring assets and paying out the heirs.
3) Talk to the bank now and let them know of the situation. They will let you know what needs to happen. If there is money in the bank accounts it will be used to pay the mortgage – note that interest might still accrue on the mortgage if they give the estate a payment holiday until the house is sold. The other thing to consider is that rates and insurance still needs to be paid.
To organise this I suggest going through a lawyer as they may know some shortcuts or have a process that they follow to make sure everything is done.
Having a lawyer can be a good thing – They are good at finding out where life insurance policies and other money might be sitting. Eg. My uncle passed away with few assets recently and no one knew he had a small life insurance policy until the lawyer found it. He had intended it to cover his funeral expenses so my mother had put it on her credit card so her sisters could pay back their portion over time but they were relieved to find out that the insurance policy meant his estate had no debt with a little bit left over to cover the repair of his car so it could be sold.
4) Once the house is sold, the mortgage would be paid off and the executor (your sister) would transfer 50% of the remainder each to your personal bank accounts.
If your parent had other valuable assets, you might want to make an adjustment for that, eg. buy your sisters share out of those other assets.
Sorry for your loss. I have been told by a lawyer (obviously not officially) to take money out of the bank accounts before advising the bank of the death, this money has to be kept seperate from your own and all accounted for but then you have money that can be used to continue to pay for bills and upkeep of the house etc while waiting for probate.
You should have a lawyer helping you with this, you may be looking at 10k or something like that for them to handle it (5k each) and it will make everything easier whilst you are processing everything. I think it is worth it when you are dealing with hundreds of thousands of dollars. It could be 6 months or more before you see anything even with a good lawyer.
My dad recently passed and based on my experience.
You maybe able to put it on the market sooner, your lawyer can advise you.
Banks have teams that deal with this, in my experience they arenÔÇÖt that good.
The accounts get frozen but the mortgage payments donÔÇÖt stop and you canÔÇÖt put them on hold (again this might just be my dads useless bank).
They wonÔÇÖt force a mortgage sale, especially if you let them know your plans
Sorry for your loss buddy stay strong and stay close to the family you have
Found myself in a similar situation in April. My mum passed with no will, so same same but different.
Agree with others saying you should get a lawyer, they will help steer you through the process and liaise with bank/companies where there is any debt.
Contact the bank and advise them if the situation, theyÔÇÖll refer you to the estates team who will ask you provide a death certificate. Accounts are frozen so you will need to make sure if there are any utilities or bills (not debt) that need to covered that you advise companies of the situation.
Not sure what the implications of no will are, but your sister cannot become executor without the consent of other beneficiaries – thar would be you. As executor, she is NOT the owner of any estate assets, and is legally required to manage them fairly on behalf of all beneficiaries – she can claim reasonable expenses incurred. If you are concerned about things going pear-shaped, you can jointly appoint a law firm or the public trust. Be aware that this will cost, and you’ll have a limited say in what happens with the house. Either way, see a lawyer and get an agreed to in writing way forward. I’m executor for a family estate, on behalf of my siblings. I used the public trust “executor assist” service to tidy up all the loose ends, but we retain full control.
Edit, court probate took about 4 months to come through, everything is legally in a bit of a holding pattern until then.
My kidsÔÇÖ father recently died without a will so IÔÇÖm in a similar position. In our case, his bank account was frozen as soon as I informed them of his passing. His mortgage payments did need to continue, so we have to pay these monthly ourselves, and will have to get probate to access the actual mortgage account. I do think that as long as payments continue, no bank would force a sale. Hope this helps some.
Grant of probate time period is to allow for any claimants to become aware and challenge the disposition of the will. meaning any defacto partner, any other relatives, or anyone who has a contractual or tortious claim against the estate.
You need to get yourself a lawyer. They are the experts here and will look out for your best interests.
The house sum (500-200)/2 = 150k is not an insignificant amount.
Also look out for the taking of any valuable items ie jewellery. Make sure the other inheritants have an equal value to the items taken. Get things appraised.
Technically everything should be sold and then there is only cash to divide. (Even furniture and clothing).
There is nothing like a death to tear families apart, so having an independent lawyer handle things can help ensure you and your sister continue talking for many years to come.
Whenever you talk to any person/department in relation to anything to do with the estate, document it. The bank (ANZ) gave me me the absolute run around settling a fairly simple, albeit intestate, situation. I was getting emails from ANZ from 4 different email addresses, yet they were all from the same department..? Anyhoo, if you speak to the lawyer, the bank, a utility provider: write down dates, times, who you spoke to and bullet points of the conversation.
Just been through this and probate took 18 months.
u need letters of administration and death certificate before bank will do anything
Probate wonÔÇÖt take 4-6 months donÔÇÖt worry. One of my parents passed a couple of months ago and we got probate in 3 weeks
Hi, firstly I’m so sorry for your loss. I’ve been through this recently, and I know how confusing it all is.
I used Cheryl and Kiwilaw, and seriously, she made the process so easy and straightforward. In my experience, she was significantly cheaper than a law firm.
One thing I will say is don’t try and do anything until you have Letters of Administration. You will need those documents when talking to the bank to access funds etc. You can call his bank now and advise he has passed away so they are aware and they can talk you through what will happen with mortgage etc. Banks usually have a deceased estate team that are good.