WHAT IS PROBATE?
Probate is the legal process of proving a will and the official recognition by the Court that the will is legally valid.
GRANT OF PROBATE
The Grant of Probate is a certificate issued by the court that grants the appointed executor in your will the right to deal with your estate after you pass away. The Grant of Probate acts as legal proof to everyone that the executor is entitled to deal with the estate of a deceased person.
When is a grant of Probate necessary?
It is necessary to obtain a Grant of Probate in certain circumstances – for example for bank accounts over $50,000, or it may be a requirement of the superannuation fund. Once probate is granted, the will is proven or validated and the executor is authorised to call up and deal with the assets of the estate. In practical terms, the executor can sell or transfer the deceased real estate, deal with shares and operate bank accounts. We can assist executors to perform their obligations, including the conversion and distribution of the estate and obtaining probate.
Whether a Grant of Probate is needed will depend on the extent of the assets and the complexity of the estates. Estates with modest assets and liabilities may not need a Grant of Probate at all and may be dealt with informally. However, in most cases where there is a real estate, and accommodation bond refund or substantial shareholdings, a Grant of Probate will be necessary.
If you're in need of Conveyancing services please feel free to contact Rex for a free consultation to see if he can meet your requirements. Rex is contactable via landline on (03) 9596 0627 or mobile 0425 206 207.