What happens after the administration of the estate is completed?
The personal representative must notify the SRO within one month of when the administration of the estate has been completed. If land owned by the estate has been distributed and transferred to the beneficiaries under the will or testamentary instrument, the beneficiaries will be taxed as owners of the land accordingly. If land owned by the estate has not been distributed or transferred to the beneficiaries, but is held by the personal representative (as trustee) on trust for the beneficiaries, the trust land will be assessed under the land tax rules relating to trustees, depending upon the type of trust that has been created. The land tax surcharge may apply if the trustee has not lodged the appropriate notifications in accordance with the legislation.
