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Transmission application Sec. 63(2A) of the Act provides that a transmission application made by a beneficiary under a will, with the consent of the legal personal representative of a deceased person, is taken to be a transfer of dutiable property by the legal personal representative.
Under NSW law, it is recommended that an Executor should not distribute an estate any earlier than six months after the date of death (and 30 days after a 'Notice of Intention to Distribute' is published). Most estates are finalised within 9-12 months, however, it may take longer if: there are complex issues.
Executors are normally allowed up to a year to wind up and distribute an estate, he says. There can be capital gains tax implications if settlement happens more than two years after death. It's best that an executor applies for probate as soon as possible.
Nothing belonging to the deceased can be sold until probate is granted. However, there are often multiple beneficiaries of a will, such as if you are inheriting property with siblings, so it can make sense for the property to be sold as quickly as possible after probate is granted.
There can be serious consequences for an executor who acts fraudulently, including personal liability for any financial loss incurred through the misappropriation. In Australia, Supreme Courts have statutory power to revoke probate from someone who is found to have committed executor fraud.