The Grant of Probate (Grant) is where the Last Testament and Will of a deceased person is authenticated by the Supreme Court.
The Grant means that the person or persons who are nominated as the Executor, are appointed as the legal representative, also known as the Trustee of that deceased person’s estate.
So Why Is The Grant Needed?
When a person dies, their assets are effectively frozen. Somebody has to have the authority to deal with their money, property and assets. The Grant provides this authority to the named Executors once the Grant of Probate is obtained.
The Executor after the Grant is made is known as the Trustee. The Trustee has the full power to deal with the assets of the deceased person, and then dispose of these assets. The Trustee also has the responsibility to distribute the assets of the deceased person in accordance with the terms of the Will.
Below is a general discussion on how Probate works. The focus will be on the practice and procedure in NSW, but, the general principles, with some variations in the actual procedure, hold true for all the Australian States.
How Probate Works
The deceased person must have left a Last Will and Testament. There are certain requirements for this document to be formally valid.
However, even if it is not formally valid, it may be approved by the Court. You will have to provide other evidence to the Court, but it can be achieved.
If an informal Will is not approved, the estate has to be distributed under the law of intestacy. This means Letters of Administration has to be applied for.
Sometimes although there is a valid Will, the nominated executors can’t, or, won’t make the application. If you are an interested person, you can apply for Letters of Administration. Drake & Associates can help you to resolve this problem if this happens.
The Executor appointed by the Will has to undertake the following duties to have their appointment as Trustee, approved by the Court:
Advertise. Ascertain the assets, debts and the value of the estate.
Complete and lodge the right Court Documents.
After it is granted, the Court will release the formal Grant of Probate, which enables the Trustee to :
Gather the assets. Transfer assets.
Pay and close accounts. Distribute the estate.
HAVE YOU BEEN APPOINTED EXECUTOR IN A WILL?
Drake & Associates are experienced professionals who will assist you with these duties, and ensure that your interests are protected.
Left out of a Will?
Call Drake & Associates now for the right advice so that you can claim what you are entitled to.