What is probate?

What is probate of a Will in NSW?

Probate is the legal process that confirms the validity of a deceased person’s Will and grants the Executor(s) named in the Will the authority to administer the Estate. In New South Wales, you may need to apply for Probate depending on the value of the deceased person’s assets and the way in which they are held.

When is probate required?

Probate is typically required when the deceased person owned assets in their sole name, such as real estate or bank accounts and/or shares valued at over $50,000.

When is probate not required?

If assets are owned jointly, such as real estate or bank accounts held equally in another person’s name, then Probate may not be required as the ownership will pass automatically to the surviving owner(s). This will depend on how the joint assets are owned.

If assets are held in a trust, probate may also not be required.

When applying for probate in NSW, the Executor(s) named in the Will must file an application with the Supreme Court of NSW. This involves preparing certain Court documents outlining details about the deceased person’s assets and liabilities, their Will, and any other relevant information. Once the application is accepted, the Court will issue a grant of Probate, which confirms the Executor’s authority to administer the estate.

It’s important to note that the process of applying for probate can take several months, and the Executor(s) have a legal obligation to distribute the Estate in accordance with the terms of the Will. If the Executor(s) fail to do so, they can be held liable for any losses suffered by the beneficiaries.

If you have been nominated as an Executor of someone’s Will, it is important to seek legal advice to ensure that you are fulfilling your legal obligations.

Contact Tiyce & Lawyers for an obligation free consultation from one of our experienced Wills & Estates solicitors.

Tiyce & Lawyers, we are here when you need us.