When a person dies their assets (after liabilities and taxes) pass to the beneficiaries named in their Will or if there is no Will, the persons entitled pursuant to the Rules of Intestacy. The Estate is typically administered by the Executor(s) named in the Will.
It is the Executor’s responsibility to:
Probate is an Order made by the Supreme Court of New South Wales authorising the Executor to deal with the assets of an Estate in accordance with the Will or Rules of Intestacy (where there is no Will).
Probate is required if the Estate includes:
Rules exist under the Succession Act that dictate how the Estate assets are to be distributed where there is no Will (‘Rules of Intestacy‘). Usually the spouse or next of kin will need to apply to the Court for the grant of Letters of Administration to authorise them to administer the Estate.
If the deceased person holds money in a bank account the bank will typically release funds in the form of a cheque in favour of the Funeral Home in payment of funeral expenses on receipt of a tax invoice and Death Certificate without the need for Probate. This can occur within days of the Funeral service. We can arrange this for you if you prefer.
You do not need to go to the Solicitor who currently holds the Will for assistance in relation to administering the deceased person’s estate. We can uplift the Will from the Solicitor holding it at no extra charge.
The purpose of this Guide is to provide a brief overview of the considerations and solutions relevant to our Advanced Estate Planning service.
Find out what Estate Planning solutions are relevant to you and your family.
