What is Probate?
Probate is needed when a person with a valid Will in place has had their final curtain call (passed away) and their total estate is valued at $15k or more. The basic purpose is to prove the deceased’s identity, that the Will being presented is the last legally valid Will and that it has been signed and witnessed correctly (elementary my dear Watson). If the Court is satisfied with all the evidence, they will 'grant probate' which means confirming that the executor appointed in the Will is alive, willing, and competent to administer the estate.
The process of applying for probate can be done by anyone who is able to provide the appropriate evidence. This can be the executor of the Will or a third party company or person. However, only the executor mentioned in the Will holds full responsibility for estate administration.
If an executor of a Will doesn’t wish to perform the duties and shoulder the financial liability of executorship, they can renounce their authority to another person or party to take over.
The cost associated with probate
There is a set court fee that is charged when applying for probate; any additional costs can depend on who is helping with the process. Lawyers and professional trustee companies will all charge for their time to manage the probate process.
Fees can really start to stack up so it pays to keep close attention to what you are paying for. Unlike Footprint’s awesome Will making service, probate is not a ‘fill in the blank’ kind of form. The documents presented at Court have to be laid out a certain way as per legislation requirements. Because it can be a bit daunting and time-consuming many people turn to lawyers to help them through this part of the process and though that is an option it can mean … $$$$!
How long does it take to get probate?
Probate can be granted within 4-8 weeks (that’s how long it takes for the Court to process the paperwork) only once approved, your executor has authority to deal with your assets moving forward. It pays to keep in mind that it may take considerably longer to pull all the relevant documentation together before even applying for probate.
Probate is just the beginning, estate administration comes next.
What if there is no Will in place?
If there is no legally valid Will in place, someone (legislation dictates who) needs to go to the Court to apply for Letters of Administration. This person is basically just asking the Court if they can be the named executor and take care of the following estate administration process.
