Deceased estates - transfer of life estate

Circumstances/Transactions:

Transfer of a life estate.

An instrument where the rights or interest of any person under a will or intestacy, where the estate of the deceased person includes land, are surrendered, disclaimed, transferred, assigned or agreed to be surrendered, disclaimed, transferred or assigned, will be chargeable as a transfer of land in respect of that right or interest.

Duty is payable on the value of the land and goods acquired.

Evidence:

1. Digital Duties Form.
2. A copy of the grant of probate sealed by the Supreme Court with copy of the will attached, or
   • A certified copy of the will together with a statement by the executor or solicitor for the estate stating the date of death of the deceased, or 
   • A certified copy of the death certificate.
3. If there was no will, a copy of the letters of administration, and the affidavit lodged with the Supreme Court when letters of administration were obtained.
4. In the case of an assignment involving the interest of a life tenant, the date of birth and the gender of the life tenant (see also Revenue Ruling DA-028), and
   • Evidence of the value of all the properties at the date of the transfer, by one of the following:
     1. A letter of appraisal from a licensed real estate agent and a copy of the relevant rates notice, or
     2. A valuation by a certified practising valuer who is a member of the API or from a member of the Real Estate Institute of Victoria with sworn valuer accreditation.
5. The inventory of the assets and liabilities, itemising each property and their respective value and the existence of any encumbrance over property.
6. The distribution statement prepared by the executor or administrator.
7. Any deed of family arrangement made between the parties.
8. Any deed of settlement made between the parties.
9. Any deed of disclaimer by a beneficiary.
10. Any deed of surrender by the life tenant and the remainder tenant.