It can be a heart-wrenching moment when your loved one is suddenly no longer with you. The love, the memories, and the attachment between you and them are the only things you can cherish after their death.
But there’s one more critical aspect that you must remember: their estate and will.
When a person dies, leaving their assets and estate as they are, usually, the closest next of kin in the absence of a will or the executor of a person’s will must settle the deceased’s financial matters.
It typically involves:
- Settling all debts
- Distributing the property to the entitled people
- Obtaining and collecting every asset of the deceased
Obtaining and collecting every asset of the deceased
Thus, in this case, a grant of probate and estate administration is required, especially in Australia. This can be possible with the help of solicitors like Jackson & Associates, who can help you overcome any legal challenges during this tough period.
If you need clarification after reading the above paragraph, worry not! We will discuss this topic precisely.
Let’s get started.
What is Probate?
A grant of probate or a letter of administration allows one access to the deceased person’s assets, estate or other financial investments. One cannot simply start using the assets of their dead loved ones even if they are the executor or their name is mentioned in the will.
As per the Supreme Court probate office, this legal instrument allows the executors to legally access the deceased’s assets and deal, manage, and divide the estate by the deceased’s desires as stated in their will.
Providing grant authority to an executor or administrator also confirms their appointment as the deceased’s representative, enabling them to handle assets and investments related to the deceased’s financial planning, as well as company matters and clientele.
What is the role of a probate grant?
As stated above, you cannot start using the deceased person’s assets without getting a letter of administration from the court, or otherwise, there may be consequences that you need to bear.
After receiving the death certificate, you can start with the legal process of estate administration. Also, the grant indicates that the executor, as designated in the grant, is qualified to receive and allocate the deceased’s assets.
Following its approval, the court publishes a certificate attesting to the validity of the will and the appointment of the executor. In essence, the distribution of assets is contingent upon the issuance of a Grant of Representation.
To facilitate easy management, a Grant of Representation also permits the assets to be transferred into the executor’s or administrator’s name. Until then, the accounts of the deceased person will be frozen. If probate is unnecessary, the bank may ask the executor to sign an indemnity and provide certified copies of specific papers, such as the death certificate and the will, before transferring the deceased’s assets.
Here are two of the most common cases where a probate is necessary:
Probate in case of a will
If the deceased person has the will, he is known as a “testator.” So whoever he has mentioned in his will, will automatically become the “executor”, and only he will have the right to apply for a probate letter in the court. If the court confirms and validates his authority, he can only administer the estate. The will must be submitted to the probate court by the executor. However, you must note that the time after death within which a will must be filed varies by state.
Probate in case of no will
Are you wondering if there is any other way to administer your deceased person’s accounts if they have not made a will? How can you protect their assets from fraud or illegal authority by frenemies? Yes, there is a solution for the same! If a person dies with no will left behind, he is said to have died intestate. No will means no executor. So the “Willmaker’s” next of kin must apply for “Letters of Administration” rather than “Probate” if the person passes away without a will. Once the court grants the letter of administration, the beneficiary or designated individual gets the same power as the executor, and they can quickly get access to manage and use the deceased person’s assets, even if there is no will. There is a probate registry in every state and territory of Australia that handles applications for letters of administration and probate.
How does Jackson & Associates work for your benefit?
Seeking legal advice in such matters is a must. And there is no one better than Jackson & Associates that can help you deal with any legal challenges that may come up during probation. We are a Belair-based firm that can assist you with any legal matters about probate and deceased estate administration.
For more information or any questions, contact our lawyers now!