WILLS, ESTATE ADMINISTRATION & PROBATE
Preparing a will is vitally important in Australia if you own any assets at all. Without a will when you die your assets will be distributed to your immediate family by the public trustee. You may have other plans for these assets and more or less people whom you want to receive these gifts. The only way to ensure your wishes are enacted at the time of your death is to have a current up to date Will.We at Sydney Solicitors can assist you in preparing a will ensuring you know all the implications of choosing an executor and in distributing the assets in certain ways.
ways. It’s important to review your will on a regular basis and especially if there are any changes to your circumstances such as acquiring a new asset or business, a birth of another child, a new partner or a separation.
Let us help you to prepare a will or to execute the Estate of a loved one.
Probate is the process of proving and registering in the Supreme Court the last Will of a deceased person. When a person dies, somebody (the executor of the will) has to deal with their estate.
The executor of their Will administers the estate and handles the disposal of the deceased’s assets and debts. In order to get authority to do this, they usually need to obtain a legal document called a ‘Grant of Probate’.
To protect the interests of those who hold the deceased’s assets (for example banks) the executor may be asked to prove they are authorised to administer the Will before the assets can be released. The Grant of Probate is the proof required.
To obtain a Grant of Probate, the named executor in the Will must apply to the Probate Office of the Supreme Court. If their application is approved, the executor is given a Grant of Probate to confirm the author of the Will has died, the Will is authentic and the executor is who they say they are.
If a deceased person does not have a Will, validation of their estate and benefactors is not done with a Grant of Probate, but with a similar document known as ‘letters of administration’.
In this stressful time, we are able to take on your matter and ensure a smooth process whilst you are grieving for your loved one.
The Administration Of An Estate Where There Is A Will
If there is a Will and the deceased has assets and property that needs to be dispersed or transferred to beneficiaries, the executor will need to apply for probate – the necessary legal process of having a Will authenticated by the courts. Once the Will has been verified, the executor can begin distributing all assets and liabilities of the estate.
The Administration Of An Estate Where There Is No Will
The administration of an estate where there is no Will is more complex because supporting documents and declarations are required by the surviving – or other possible beneficiaries – proving that they can deal with the estate and that they are the rightful recipients.