What is Probate & How Does It Works?

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what is probate and how does it works?

Victoria or VIC is a federal state in southeastern Australia. It is one of the smallest states in the country, with a land area of 91,761 sq mi. It is also the most densely populated state in the country at 26.56 per km2. South Australia borders VIC to the west and New South Wales to the north. It is also bounded by the Bass Strait, separating it from the island state of Tasmania.

Victoria has been one of the top tourist destinations in the country. Moreover, many people want to live in the state as it offers world-leading healthcare, stability, a good environment, culture, infrastructure, and education.

Most senior citizens in Vic are known to be wealthy as the state offers them many benefits. Most of them enjoy travel, white goods, entertainment, new cars, gardening products, furniture, healthcare, food, and beverages.

Unfortunately, they only have a few years left to enjoy these things and their wealth. When their time comes, their relatives will need an excellent lawyer to work on the application of probate in VIC, helping them with all the processes required to fulfil the deceased will.

What is Probate?

A deceased person’s will may sometimes require validation for their wishes to be carried out by an executor mentioned in the will. This legal process is called probate. The executor is the one who’s going to handle the administration of the deceased person’s debts, estate, and distribution of the remaining assets.
Once awarded, the “grant of probate” will be the court’s official recognition, validating the will and executor responsible for the estate.

When is Probate Needed?

Probate may be necessary if the deceased person has some kinds of assets left. For instance, the deceased person has some money in their bank account. They are the only account holder. The financial institution (FI) may request a grant of probate before releasing the money to the executor.

However, this is only needed if the remaining funds reached a specific amount. If the remaining funds did not reach the right amount, other papers, such as a death certificate and the deceased will, should be enough for the FI to release the money. Each FI has different policies about the deceased estates, so you may want to check with them regarding your circumstances.

Moreover, if the deceased person has a large number of shares, the trading platform or company holding the share may ask for a grant of probate before releasing the shares. Furthermore, applying for probate may also be needed in other situations – for instance, the person’s will have been contested.

Also, a probate grant is usually required before the estate of the deceased can be transferred to the new owner. However, it may not be needed if the deceased person’s properties are jointly owned with another person that is still living. The ownership will be transferred to that person without the need for probate.

Who Can One Apply for Probate?

Typically, only the executor can apply for probate. The executor must be at least 18 years old to apply for probate in VIC.

People usually seek a lawyer’s help when applying for probate and dealing with all the court processes. While it is not always mandatory, it is good to have a good lawyer if you are not sure if you need to apply for probate or if you need some assistance.