Law

The Grant of Probate – When is It Necessary and Unnecessary to Apply for It

A Will specifies how the deceased’s estate will be dispersed. It also designates someone to act as the estate’s beneficiary. To put it simply, an executor is someone, who steps to work on behalf of the deceased and follows out their wishes as they were expressed in the Will. Executors are responsible for ensuring that the terms of the need area unit are followed.

These responsibilities will include notifying banks and other financial institutions of the deceased’s death, determining beneficiary entitlements, paying the deceased’s liabilities, and resolving any estate-related claims. Following the ceremonial event, the primary and most important job is to determine if a Grant of Probate from the Supreme Court of Australia is required.

If you’re already busy with the funeral and other duties you can appoint a lawyer from Probate Australia to apply for the Grant of Probate and the Letter of Administration in the Supreme Court. Probate Australia is a small legal firm that is situated in Victoria, Australia, but they also provide services in NSW, Queensland, Western Australia, Australian Capital Territory, Victoria, and Tasmania. Their expert lawyers provide legal services to all Australians at an affordable price.

Grant of Probate or Letters of Administration

A Grant of Probate or Letters of Administration is a Supreme Court order that confirms a private representative’s ability to administer the human estate.

There are 3 types of non-contentious grants –

  • Grant of Probate – This indicates that the court has considered the Will to be authentic.
  • Grant of Administration with the Will attached – This can be issued in cases where there is a Will but no executors.
  • Grant of Letters of Administration – This can be done in the scenario when there is no Will or binding declaration.

Some people confuse all three of the above-mentioned Grants as “Probate.”

When is Probate Necessary?

You will need a Grant of Probate when:

  • The departed solely had bank accounts in their name having a balance of more than $20,000.
  • Deceased possessed assets as common tenants with another party.
  • Deceased possessed shares with a value of more than $10,000.
  • Their life insurance or superannuation entitlements are owed to their estate.

In any case, where there are any uncertainties about the validity of the Will, it may be appropriate to use it for Probate.

When is Grant of Probate Unnecessary?

  • Probate is not required for any assets held as ‘joint tenants.’ For example, if both spouses were joint tenants of a home, the deceased’s share of the jointly-owned property does not form part of their inheritance and transfers to the surviving ‘joint tenant’ without the need for Probate.
  • If the deceased person’s total assets value is quite-value, the executor of a Will avoids Probate. Before Probate or a Letter of Administration, the total value of the assets should be less than this amount.
  • When someone dies in Australia without a will, it is referred to as dying intestate, often known as Intestacy. In this circumstance, a Grant of Probate is pointless. However, the inheritor may apply for a Letter of Administration to the Supreme Court.

Understanding what Probate means in Australia can help an individual manage the assets of a Will. Another thing to keep in mind is that if the person who passes away has assets in many states across Australia or more than one country, probate is necessary.