What Is Probate?
A Will can be revoked at any time up until the testator dies. Upon death, the Executor takes up a provisional role. The Executor is required to make an application to the Probate Division of the Supreme Court of New South Wales to obtain a grant of official approval of the Will. This formal legal document issued by the Court is known as Probate and confirms:
The Will of the deceased, and also the Executor’s authority to administer the estate
Grant of Probate
Even if a subsequent Will is discovered the actions of the Executor cannot be challenged (provided they have acted in good faith at all times). Obtaining a Grant of Probate can be of vital importance in protecting the Executor.
A Grant of Probate is usually a formality where there is no dispute involved.
Is Probate Always Necessary?
No, Probate is not required for estates valued under $100,000 or where property is held jointly. Individual banks and asset holders may have a policy for dealing with the transfer of accounts without the requirement for a Grant of Probate. Joint property will automatically pass by survivorship.
What Happens if There Is No Will?
If there is no Will in existence, then there will be no Executor. This is called dying intestate. Instead of an Executor, an Administrator is appointed to act on behalf of and administer the estate after an Application is made to the Probate Division of the NSW Supreme Court for a Grant of Letters of Administration. This authorises the Administrator to proceed to administer the deceased’s estate in a similar manner to an Executor.
Contact us to arrange a consultation regarding Probate and Letters of Administration