Probate is a court order granted by the Supreme Court of NSW which confirms that:
- The deceased’s Will is valid; and
- the Executor has permission to distribute the estate according to the Will.
An application for Probate is required to be made within 6 months from the date of death or an explanation for the delay must be provided to the court for its consideration.
Probate may not be necessary if the deceased died and did not own any real property in NSW, and if they did not have large amounts of money in bank accounts in their sole name.
The Probate process involves obtaining information about the deceased’s assets and liabilities, writing to the asset holders such as banks and superannuation funds, and then submitting an application to the Supreme Court of NSW requesting a grant of Probate be issued to the Executor. Once Probate has been granted, a copy of the Probate is provided to the asset holders, and a request is made that the funds be transferred to a solicitor’s Trust Account, ready to payout of any debts and tax liabilities, and distribute the surplus funds to the beneficiaries of the Estate. This process can take several months as there are various notices required to be advertised on the Supreme Court Registry website and waiting periods that must be adhered to, to ensure that the Executor is protected.
If you have been appointed as an Executor of a Will and are unsure what you are required to do, please contact our experienced team and we can assist you today on 02 4627 3333.
This article was published on 20/09/22 and the information is valid only to the date of publishing. This article should be considered merely general and non-specific on the subject matter and is not and should not be considered or relied on as legal, advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.