Are you aware of when to get a probate?

We all have heard of probate but can sometimes get confused whether it is a procedure or the Will itself. Probate is a document that establishes that a Will is valid and validates the final testamentary intentions of the Testator. It can be either a common form or a solemn one which can be presented in case of any dispute of a Will. The expert deceased estate lawyer Adelaide will help you understand the procedure and the dos and don’ts of a probate. After someone dies, their estate will be represented by an administrator and the Deceased estate lawyers can tell the named executor(s) of the Will to administer the estate and implement the Will.

Obtaining Grant Of Probate

You need to make the application for probate by the executor who will be responsible and should do an affidavit of assets and liabilities of the estate. When the executor takes the oath, he gives all the necessary information of the deceased and swears that he or she will administer the estate properly. This is what refers to the affidavit of assets and liabilities and is strictly defined by rules. Its main purpose is to let the court know that the assets in the State are under its jurisdiction and can enable any interested person to obtain details of the assets. The probate fee is fixed and payable to the court along with the application however it does not vary depending on the amount of the assets.

When should you get a probate?

It is necessary and more so when you have to deal with real estate solely owned by the deceased. That said, it is necessary to get the probate when the deceased have substantial amount of investments. When you have the grant of probate, it will serve as the evidence that the executor has power to deal with the deceased’s assets. This allows the executor to serve as the registered legal owner of the assets. It should, however, be understood that probate only proves the executor’s title, but gets this position from the Will itself . That is why, there is variance in all organizations as to what will be the minimal value which will allow an executor to deal with where you do not have to get grant of probate. Whatever it be, the organisation should be helpful keeping mind its own liability because anything wrongful can let the wrong person to deal with the deceased’s assets. This is why, there is mostly a sort of indemnity for every organization, generally from the beneficiary, before they allow to deal with the assets informally.

Letters of Administration

Probate can only be granted when there is a Will left by the deceased. If there is no Will, there will be “letters of administration” to one of the who can take over the deceased’s assets and administr the distribution of the properties.

Joint Property

In case of joint assets, it will automatically pass to the survivor. In such cases, there will be no need for probate to deal with that sort of property.

Other conditions

Superannuation- This is generally owned by the trustee of the superannuation fun and the payment is usually made at the trustee’s discretion. Here also you would not necessarily require a grant of probate.
Family Trusts – Assets under family trust cannot be given away under a will which is why probate is not required to deal with assets. However, when it comes to dealing with the ownership of a shareholding where they can acts as trustee of a family trust, probate will be needed.
Life Insurance – As insurance on the life of a deceased person generally passes on to a spouse, probate would not be needed. For any other insurance however it will be required.