Instantly Interpret Free: Legalese Decoder – AI Lawyer Translate Legal docs to plain English

Try Free Now: Legalese tool without registration


# Will – settlement of assets – AUSTRALIA and AI Legalese Decoder

## Introduction


I am looking for some advice or feedback regarding the settlement of assets in our family will in Australia.

## Situation Overview

Our family is currently in the process of applying the wills of our parents, which stipulates an equal split of 50/50 of the total estate. The estate includes an estate bank account with $800k and an estate loan of $600k attached to a property.

There are two houses in the estate of similar value. One house is owned outright by the estate with no debt, while the other house has a debt of $600k on it. My family resides in the house with the loan, but the loan is in the name of the estate.

## Beneficiaries’ Expectations

The beneficiaries initially assumed that they would each receive one house as they are of comparable value.

One of the beneficiaries is now contending that since I live in one of the houses, I should be responsible for paying off the loan. They argue that their share of the cash in the bank account should be $400k, with the loan not being paid off with this amount. However, I believe that if the estate funds are not used to pay off the loan, my share of the estate value would be diminished by the loan amount. For example, if they sell their house for $1m, they would receive the full amount, while if I sell my house for the same price, I would only receive $400k after paying off the bank loan.

## Seeking Resolution

I am unsure of who is right in this situation. I feel that the other beneficiary is placing too much emphasis on the fact that I reside in one of the houses. At the end of the day, both parties should walk away with a fair 50:50 split of the estate.

## How AI Legalese Decoder Can Help

AI Legalese Decoder can analyze the legal language and terms in the will and estate documents to provide a clear understanding of the rights and responsibilities of each beneficiary. By using AI technology, we can ensure that the settlement of assets is done in a fair and equitable manner, taking into account all relevant factors such as property ownership, debts, and beneficiary rights.

Try Free Now: Legalese tool without registration


### How AI Legalese Decoder Can Simplify Complex Legal Jargon

Legal documents are often filled with convoluted language and complex terminology that can be difficult for the average person to decipher. This can make it challenging for individuals to understand the terms of their contracts, agreements, and other legal documents.

AI Legalese Decoder is a cutting-edge technology that can help simplify these complex legal jargon, making it easier for individuals to understand the content of their documents. By using artificial intelligence and machine learning algorithms, this tool can analyze and translate legal language into plain, simple terms that are easy to comprehend.

For example, if you are struggling to understand the terms of a contract or agreement, you can simply input the document into the AI Legalese Decoder software. The tool will then analyze the text and provide you with a clear, concise explanation of the terms and conditions outlined in the document.

With the help of AI Legalese Decoder, you can avoid confusion and ensure that you fully understand the legal implications of any document you encounter. This can help you make more informed decisions and protect your rights and interests in any legal situation.

Try Free Now: Legalese tool without registration


View Reference


  • Griffo_au

    Are you joint executors?

    Honestly if they are that stupid then prepare yourself to just sell all the assets, and divide the estate once it’s all in cash.

  • blackcat218

    Fair would be the estate cash pays out the loan on the house so both houses are cleared. Then any left over cash is split 50 50 and each gets their house. You may need to engage in a estate lawyer

  • ellebee123123

    Yes, we are joint. So my way of thinking is correct? Because my husband and I are a bit speechless on how this can be seen any other way.

    Up until now, we have been extremely close. Neither of us wants to dupe either out of anything, we just want it to be 100% fair and even.

  • CosmicConnection8448

    Everything belongs to the estate at this point. You pay off any outstanding amounts (the loan) with the funds available (cash in the bank). Whatever is left over (2 houses fully paid off & $200k in the bank) gets split equally between both of you. Who lives in those house doesn’t matter aside for the fact that they should probably be paying rent into the estate till the matter if finalized.

  • sratkaj

    I am pretty sure that the estate has to clear any debts and liabilities owing and the balancels distributed as per the will.

  • AutoModerator

    Welcome to r/AusLegal. Please read our rules before commenting. Please remember:

    1. Per rule 4, this subreddit is not a replacement for real legal advice. You should independently seek legal advice from a real, qualified practitioner. This sub cannot recommend specific lawyers.

    2. A non-exhaustive list of free legal services around Australia can be found here.

    3. Links to the each state and territory’s respective Law Society are on the sidebar: you can use these links to find a lawyer in your area.

    *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/AusLegal) if you have any questions or concerns.*

  • Cube-rider

    You need both properties valued for probate by a valuer (not an agent). The estate is responsible for the discharge of the loan. The value of the assets is then split as per the will with adjustments paid by any cash or asset sales.

  • parlay8

    Have 3rd party valuations completed on both properties, add that value to cash = total asset value – liabilities (600k) then divide the answer into 50/50. That’s how much you end up with.

  • CBR2913

    You don’t own the house yet. The estate does and debts have to be cleared.

    It’s pretty straightforward. Pay out the loan, the divide what’s left.

  • sratkaj

    I am sorry all of that is far outside my understanding to answer.
    It is best to collect as much information you can to give to your lawyer (not the probate lawyer, you need an independent one who represents only you but this will be costly so bare this in mind too)
    a) show the purpose of the loan (to make the house habitable) b) what did you and your husband contribute to the cost of maintaining and upgrading the house, have actual receipts if you can find them c) how much time, money etc you spent caring for your parents.
    Outside of that, I would only be guessing what you should be looking out for. Good luck with it all x