Tax, Death and Property
Do you know what will happen to your property in the event of your death?
Whilst it's not something that we like to think about, it's important to ensure that everything is in place to make it easier for your family to deal with. How the property is dealt with in terms of succession and taxes will depend on how the asset is held.
Property can be held in individual names, joint names, by a self managed superannuation fund, a company or trust. Each has its own advantages and disadvantages but you need to be aware of how the property will be dealt with in each situation. You can read this article from RSM to find out more about property, death and taxes.