When someone dies who happens to be a very close person then it can be quite a difficult and also emotional time. For a person, who is responsible for looking after his estate it is even more stressful, particularly if they are not aware of the probate.
When a person dies then many steps may be needed for taking due care of his or her financial assets. Therefore, one must understand what the role of probate is who does it mean by the grant of probate.
It is, therefore, necessary to understand the probate and also estate administration if you have to execute or administer an estate of a deceased person.
After the death of a person, an executor of his or her will who is called an administrator, will step in and play a role of a caretaker of the estate of the deceased person, which will include any assets like property and money.
Where there is a valid will, then the executor will take ownership of the estate of the deceased person and distribute the assets to all beneficiaries according to the will. In case there exists no will, then an administrator is appointed by the Court for managing the deceased estate.
Do I need any grant of probate?
The need for a grant of probate will rise under the following conditions:
- If the deceased had all bank accounts solely in his/her name having a balance which is more than $20,000 (this limit may vary with different financial institutions)
- If the deceased owned any real estate as tenants jointly with another party;
- If the deceased owned any shares having a market value of above $10,000
- If the superannuation entitlements of the deceased or life insurance will be payable to their estate.
In any case, it will always be prudent to make an application for probate particularly where there are certain doubts about the legitimacy of the Will.
There will be no need for any grant of probate, where assets were in the possession of the deceased as one of the joint tenants with some other surviving party.
In case, the deceased had owned assets within a certain state, you can apply for any grant of Probate. If not, you will have to apply for a certain Grant in the jurisdiction where the majority of the asset of the deceased was held.
What is the procedure for obtaining a grant of probate?
The assets can be transferred to the Executor or Administrator’s name so they can handle them, such as distributing them to beneficiaries or selling them. Assets cannot be allocated to any beneficiaries without the grant of representation.
Before a deceased estate is transferred to any beneficiaries, a grant of representation is required. A grant of representation will also allow assets to get transferred to the executor or administrator’s name, allowing them to handle them, such as distributing them to beneficiaries or selling them.
The bank accounts of the deceased person will usually be frozen while the application will be processed until the receipt of the grant of representation. Before releasing the funds, the bank may merely seek certified copies of the will and death certificate, as well as the signature of the executor on an indemnification form.