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As a purchaser, when do I have to pay the vendor’s legal costs?January 5, 2023
Individual trustees are people, and they can die. This is why there are usually at least two individual trustees of a trust, and they own the trust’s property as joint proprietors.
If an individual trustee dies, firstly the surviving trustee is made the owner of the trust’s property after a Survivorship Application is lodged at Land Use Victoria.
After a deed of appointment of a new trustee to replace the trustee who has died has been executed, a transfer of part ownership of the trust’s property from the surviving proprietor to the new trustee is lodged. This Transfer makes the trustees joint proprietors of the trust’s property again, and it is exempt from stamp duty in accordance with section 33 of the Duties Act 2000.
To avoid these difficulties, many trusts have a corporate trustee (which does not die).
For more information about trusts, trustees and property ownership, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351.