The executor or the next of kin is supposed to get a grant through Probate application in Victoriaor the letter of administration in order to deal with the deceased person’s estate in cases where they might leave their assets behind.
Table of Contents
There are a few ways through which you can obtain the grant like:
- You can either appoint a solicitor who would act on your behalf to fulfil the requirements.
- Or provide the authority to a trustee company to perform the duties of an executor or administrator.
- You might even make the application in person without the need to have a solicitor.
The process of application for a grant is quite easy and straightforward however, in 95% of cases the applications are presented by a solicitor or a trustee company.
What is probate?
The Supreme Court of Victoria validates the deceased’s last will by verifying through the Grant of Probate. The probate also helps to identify the appointed executors as mentioned in the will. Hence, the executor then receives the authority to administer the estate assets of the testator and to deal with certain agencies and asset holders like banks, shareholders, land title offices and the Australian Taxation Office.
Determine what you need:
The application of probate or administration is not always required when someone passes away as it depends upon the types of assets that are left behind by the deceased and what all does the financial institutions holding those assets want. However, it is important to remember that the grant of probate or the letter of administration can only be issues by the Supreme Court of Victoria if the assets of the deceased are present in Victoria.
Determine the type of grant you should apply for:
The first and the foremost step is to check whether the testator has left a valid will or not. For this, you might have to check with the deceased’s friends and family and search through their personal papers. In case, the executed will is valid then you can either apply for a grant of probate or a letter of administration along with the will annexed.
What is parchment paper and why is it required for probate?
Parchment is a thick cardboard to which the Supreme Court of Victoria staples the issued hard copy grant and you must individually provide the parchment to obtain the grant.
In 2020, the Supreme Court of Victoria started issuing grants online only through RedCrest. The original grant held in RedCrest is first inspected and then issued as a certified copy by the solicitor.
You can distinguish the hardcopy grants from the digital grants and their copies as the digital ones now incorporate a unique identifier in the bottom right hand corner.
When do you require a probate in Victoria?
Probate might be required in cases where the asset holders and institutions have to recognize the executor in order to deal with the assets. These agencies include a bank where the deceased person might have held an account beyond a certain value nearly $50,000 and less, share registries if the portfolios of shares are large enough and the land titles office whenever the testator possesses a real estate.
Moreover, the executor might be willing to obtain a grant if they fear that a creditor or any other family member could make a claim on the estate. This is essential as it provides some sort of legal protection to the executor who acts fairly when then there is later a successful claim on the estate.
When is probate not essential in Victoria?
You might not need to acquire a probate in cases where:
- The estate is quite small.
- When you don’t expect any trouble as such from the creditors or other family members.
- Where the agencies don’t require a grant to release assets to the appointed executors.
Do you still need to obtain a probate?
We would recommend the executors to obtain a probate if:
- They are worried that a creditor or any other family member could make a claim on the testator’s estate.
- They might consider the will as invalid.
- They know that the asset holders would want you to present the probate so that they could release the assets.
The executor can apply for the probate without the lawyer, however, they might take help from them if there are a number of formalities involved. Also, any costs involved in such processes are considered to be the estate cost.
Who can apply for the grant of probate?
The grant of probate is issued by the executor, however, you may not be able to receive the grant in the absence of a will or if there is any issue in the will.
Therefore, it is essential to take assistance from the best professional consultants in Victoria so as to ease out the process of probate application. Therefore, we at Probate Consultants have the require expertise and a pragmatic approach to deal and related well with our clients and answer all of their queries patiently. So, head over to our site and contact us now to finalize the matters related to your estate in a sensible and efficient manner.
