What is grant of probate and when is it necessary?
Published 09 Feb 2017
Discover whether you will need a grant of probate as the Executor of a Will and how to go about getting it. This depends on a number of factors including the size and nature of the estate. Then find out how Gerard Malouf & Partners’ will disputes lawyers can help.
When do you need a probate?
A grant of probate is the legal process an executor must follow to manage the estate of a deceased person according to the provisions of the will. It is an order from the Supreme Court stating that the will is the last valid will of the deceased and permits the executor to collect and distribute the will, according to Legal Answers.
Probate will be necessary if:
- The deceased independently owned real estate when he or she died.
- The estate is a substantial amount of money. If the estate is only a small amount of money (less than $15,000) and uncomplicated, you may not need a grant of probate.
- If some holders of assets require you to show a grant of probate before they will release assets above a certain value
Once a probate has been granted, the executor can then show this grant of probate to persons or debtors holding any remaining assets of the estate (such as banks or retirement villages holding bonds) to get assets or monies transferred, the Supreme Court of New South Wales wrote.
Take note that a grant of probate may impact a contesting will case if there is more than one executor. The Law Society of NSW explains that executors might not work together to apply for probate, which can cause issues. If this happens, one of the executors should get a solicitor’s advice and give the other executor notice that they intend to apply for probate on their own. If the other executor fails to respond, then a probate can be secured by just one of the executors.
Gerard Malouf & Partners’ services
If you’re the Executor of the Will trying to secure a grant of probate and protect yourself from legal challenges, Gerard Malouf & Partners can help. We have over 26 years of experience in helping clients with wills in NSW.
Contact us today to find out more about what our expert lawyers can do to help you determine whether you need probate and how you can proceed with the management of a will.