What is Probate?
When a person dies in Victoria, it’s important that their affairs are wound up. A deceased person cannot continue to hold bank accounts, shares, real property; cash, superannuation, furniture, be employed or receive pension payments.
To have one of our estate specialists contact you to discuss your specific Probate needs, please contact us.
There are two main types of Grants of Representation; Probate and Letters of Administration.
What is Probate?
Probate is a document issued by the court certifying the Will’s validity and confirming the appointment of an Executor to administer the deceased estate. The court requires proof that the Executor appointed in the Will is alive, willing and competent to undertake the tasks involved. Also, it is important to verify that the document is the last Will made by the deceased and that there are no objections to that Will.
Why is Probate important?
Without probate the Executor of the estate cannot transfer certain assets (such as real estate) to beneficiaries.
Why does the Executor need to apply for Probate?
Without Probate the Executor does not have the authority to administer the estate.
What if there is no Will?
When a person dies without a Will (Intestate) there is no Executor appointed to administer the estate so usually the next of kin have to apply for a document called “Letters of Administration.”
What is Letters of Administration?
Letters of Administration is the court’s approval to administer the estate of a person who dies without a Will. In most instances Letters of Administration will be granted to the next of kin of the deceased e.g. a spouse, domestic partner or a child of the deceased.
Alternatively if the deceased has left a valid Will but the named Executor is no longer alive, competent, or willing to undertake the responsibilities involved with administering the estate the court may appoint someone else e.g. a beneficiary to administer the deceased’s estate according to the Will. This is called “Letters of Administration with the Will annexed. “
What issues may arise when applying for Probate?
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Validity of the Will
The Will must be the last Will made by the deceased and must be legally valid. -
Contesting the Will
The Will may be contested on the grounds of the deceased person’s capacity and/or undue influence when writing their Will.
When should you apply for Grant of Representation?
Due to the possibility of fraud, we recommend that a Grant of Representation be obtained as soon as possible. For example bank accounts may be able to be accessed illegally and funds withdrawn before the accounts have been frozen.
Estate Administration is generally a long and arduous task. Without the required knowledge and skills in law, accounting and business the task can become an unexpected burden.
At State Trustees we have your interests at heart and we have the expertise to administer your loved one’s estate. We are skilled in all aspects of estate administration from obtaining a Grant of Representation to accounts and lodgement of legal and tax documents.
As Victoria’s leading Estate administrators, we can help take care of everything according to your loved one’s wishes and in the best interests of their beneficiaries.
For more information about State Trustees and how we can help you
