Probate
Probate (also referred to as a Grant of Representation) is the legal process that takes place after someone who holds assets dies to ensure their assets are properly distributed according to their Will (if they have one) or by the laws of the Intestacy (if there is no Will).
Here’s what Probate involves:
- Validating the Will: If there is a Will, the court checks to ensure it is legally valid and complies with the Wills Act.
- Executor’s Role: The Executor/s named in the Will (or an Administrator if there is no Will) is officially appointed by the Supreme Court of Victoria to manage and administer the deceased’s estate. This person is responsible for calling in all assets, paying any debts or liabilities, and distributing the remaining assets to the beneficiaries in accordance with the terms of the Will.
- Inventory of the Estate: The Executor identifies all the assets (e.g. property, share portfolios, motor vehicles, bank accounts, and personal belongings (including household chattels)) and liabilities of the deceased.
- Paying Debts and Taxes: Before the Estate is distributed to beneficiaries, any outstanding debts, loans, taxes, and final expenses must be paid.
- Distributing the Remaining Assets: Once all debts and taxes are settled, the Executor can distribute the remaining assets according to the Will or Intestacy laws.
Probate can be a lengthy and complicated process, especially if the estate is large or there are disputes among beneficiaries. Having a valid Will and working with an experienced legal professional can help make the probate process smoother and ensure the deceased’s wishes are fulfilled.
At Beaumaris Lawyers & Conveyancers, we compassionately and efficiently deal with Deceased Estates, making the process as smooth as possible for everyone involved.
From mountains of paperwork to legal jargon, these are the last things you want to deal with when you are grieving the loss of someone important in your life.
So, let us help you by:
- Interpreting the Will
- Guiding Executors and Trustees in regard to their duties and obligations
- Informing government bodies including Centrelink, the Australian Taxation Office and Veterans Affairs
- Applying for Probate of the Will in the Supreme Court
- Dealing with Intestacy (where there is no Will)
- Applying for Letters of Administration (if there is no Will) in the Supreme Court
- Identifying estate assets and liabilities
- Obtaining valuations of estate property and other items of value
- Selling or transferring estate property
- Paying estate debts
- Administering trust funds
- Distributing bequests and inheritances to beneficiaries
- Preparing Deeds of Family Arrangement if there is a distribution variation to the Will
- Assisting with information for estate tax returns
- Contesting Wills and defending any estate litigation brought against the Estate
For more information or to arrange an appointment contact us today.