Obtaining a grant of probate may be required to ensure the executor of your estate can authorise the division of assets after your passing.
What Is A Grant Of Probate?
A grant of probate is the Supreme Court’s recognition of a legally valid Will. A grant of probate is a Court-issued document confirming the validity of a deceased person’s Will and appoints the executor responsible for dividing assets and paying any outstanding debts. This legally binding document facilitates the deceased’s wishes for distributing their assets and debt settlements.
The Three Main Types Of Grants Are:
1. Grant of probate of the Will.
2. Grant of letters of administration of the Will (where there is a clear Will and a non-executor wishes to apply).
3. Grant of letters of administration on intestacy (where there is no clear Will in place, and an authorised person wishes to apply).
Is A Grant Of Probate Compulsory?
Your executor should, after your passing, seek advice from a Wills and Estate Lawyer to assess whether a grant is necessary to avoid any delays in administering your estate.
Some organisations and financial institutions may require your executor to obtain a grant of probate and sight it before releasing the assets of your estate.
A grant of probate is unnecessary if an asset is in joint names as ownership is already in the surviving joint owner.
Your executor may not need a grant of probate if the value of your estate is small; real estate must be sold or will be transferred to a beneficiary if that is specified in the Will.
How To Obtain A Grant Of Probate
Before obtaining a grant of probate, a person must first be certain they are eligible to apply. It is recommended that they seek legal advice to ensure that the correct process is followed.
Once an executor is identified, they must submit relevant documentation (Wills, etc.) along with their application to the Court. The Court will verify a Will’s validity and officially appoint an executor who will then be authorised to manage the estate and distribute assets to the beneficiaries.
Specialised Legal Advice Will Help
The best approach when navigating legal affairs about Wills and intestacy is seeking guidance from an experienced Wills and Estate Lawyer. While there is information readily available to the public online, it is mostly generalised, meaning it will not outline the necessary steps for complex circumstances.
This is where Life Law Solutions can help.
Our expert Wills and Estate Lawyers provide individualised guidance for the Sunshine Coast and Brisbane communities. We can advise on specialised situations and ensure you understand all your options before embarking on your legal journey.