As with many areas of legal practice, tidying up the affairs of a loved one who has died can be a daunting prospect and adds to the burden at a time of emotional difficulty. Although some steps need to be taken straight away, many aspects of Estate Administration can wait a short period of time without any adverse consequence. When the time comes to administer the Estate you can trust one of our lawyers, who will take the most cost-effective approach available and keep you informed along the way.
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For the application to proceed smoothly, it is important that the necessary advertising be undertaken and that the forms/documents be presented to the court correctly completed. The Will should not contain any unexplained staple holes, paper clip indentations and suchlike as this may lead the Court to believe that another document was attached, varying the terms of the Will.
When is probate necessary?
Obtaining a Grant of probate is necessary when the Estate has assets, generally in the form of cash or other investments with a balance greater than a threshold which is presently about $50,000. Generally, for lesser amounts banks will release funds to the Executor upon receipt of an acceptable indemnity. Most banks, however, will not accept an indemnity for amounts over $50,000 and will require probate.
Probate can also be necessary when the Executors are not family members and require the protection offered by a Grant should it later eventuate that the Will is proven invalid.
When does my power as executor under a will commence?
Your power as Executor commences immediately when the Willmaker passes away. At that time any Enduring Power of Attorney ceases to be effective/valid and the powers under the Will commence.
For ample knowledge and tact in this area, look no further than Jones Leach Lawyers. Call now or book your consultation online.
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