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Oct 9

What is Probate?

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by brisbane, Questions, No Comments

Oct 9

Probate is a document granted by the Supreme Court following a formal court application to confirm that a Will is valid. Probate confirms that the executor has legal authority to deal with the deceased’s assets in accordance with the terms of the Will. Probate also confirms that the Will is the last will executed by the deceased, that it was the deceased’s wishes and nobody elses, and that the deceased had capacity at the time of signing the Will.

Probate may not always be necessary. However, it is always required for administration of estates that involve claims for further provision and/or the collection of sums of money exceeding $30,000.00 – $50,000.00 with one financial institution (the requirements of each financial institution vary).

The correct preparation of a Will is so important because should the Will be prepared incorrectly, Probate may not be granted and therefore the executor will be unable to administer your estate pursuant to your express wishes.

If it is necessary to obtain probate, the engagement of a Solicitor is the most efficient way to make such application.

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