Probate is the Order made by the Supreme Court of Victoria that allows the person who has been appointed within a Will to manage the will maker’s estate (“Executor”), to act in accordance with a Will. It confirms the authority of the Executor to look after the estate of the deceased and to distribute the assets to the people entitled to them under the terms of the Will (“Beneficiaries”).
When is Probate Necessary?
When a deceased person leaves behind a Will, probate is required in order to give the Executor the right to deal with assets, such as real estate and money being held in bank accounts.
Real estate cannot be transferred to the Beneficiaries unless probate has been first been obtained.
The exception to this rule is where a surviving joint proprietor seeks to have the real estate transferred to them as the sole survivor. Additionally, banks won’t allow the Executor to deal with accounts which have a balance over a certain amount unless probate has been granted. Banks will, however, usually pay an invoice for a funeral provided that the account holds adequate funds.
If the deceased person’s estate is small and does not contain real estate, then probate will not be required.
Who Can Apply for Probate?
The Executor of the Will applies for probate. If there is more than one Executor, more than one can apply.
What Do I Need to Apply for Probate?
To apply for probate, an application must be made to the Supreme Court and the relevant application fee must be paid. In order for the Court to make the Order for Probate, it must be satisfied that the deceased has actually died, that the Will that is being presented is the final version of the Will made by the deceased and that it has been prepared and signed in accordance with the estate Law’s in Victoria.
For further information on estate matters or to make an appointment, please contact us on 5303 0281 or at email@example.com.
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The information on this website is of a general nature only. It is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice about your particular circumstances.
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