What is Probate?
Probate is a process by which the Court approves the will of the Deceased as valid and rules that it can be acted upon by the nominated executors.
Once a person dies, the executor of a Will comes forward to prove the validity of the Will to the court. This process is known as a probate application. The role of the court is to then consider the application and to officially appoint the executor of the Will. If there is no Will, an administrator is appointed as the official representative of the deceased estate and this is known as a Grant of Representation.
The Grant of Representation must be obtained PRIOR to dealing with any of the estate assets and liabilities. Most executors/administrators engage a lawyer to assist them with the Probate application. If the application is in order, the Probate Office will issue a Grant of Representation that enables the executor/administrator to call in the assets of the estate and pay any liabilities.
United Global Capital works with Batten Sacks to assist our clients with probate applications. Batten Sacks encourages all executors/administrators to await the completion of the 6-month limitation period (which starts running from the date of the grant of Probate/Representation) prior to distributing any assets to beneficiaries. This is recommended as an executor may be held personally liable for any distributions that they make within the 6-month limitation period. The 6-month limitation period is generally observed to allow any disgruntled family members or beneficiaries to make a claim or dispute the estate distribution within that time.
If you would like Batten Sacks to help you with a Probate application, please feel free to complete the online questionnaire (powered by Settify): https://battensacks.probate.settify.com.au/
GENERAL ADVICE AND PAST PERFORMANCE WARNING
This article has been prepared by United Global Capital Pty Ltd (ACN: 154 158 273, ABN: 25 154 158 273, AFSL: 496179).
This article contains general information only and is not intended to provide any person with financial advice. It does not take into account any person’s (or class of persons) investment objectives, financial situation or particular needs, and should not be used as the basis for making any investment or financial decisions. United Global Capital Pty Ltd does not make any representation as to the accuracy, completeness, relevance or suitability of the information, conclusions, recommendations or opinions contained in this article (including, but not limited to any forecasts made). No liability is accepted by United Global Capital Pty Ltd or its directors, officers, employees, agents or advisors for any such information, conclusions, recommendations or opinions to the fullest extent possible under applicable laws.
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