Not many people are familiar with the process of what happens to specific property after a loved one dies. The word “probate” doesn’t mean anything to most people, and the lack of preparation for the process can confuse anyone. That’s why it’s essential to consider the option to hire family lawyers in Sydney.
So what exactly is probate, and how does it relate to a will?
The term “Probate.”
Probate relates to what is called a “grant of probate,” a formal document issued to the executors of a will. Various conditions of the will must be satisfied before the terms of the will can be granted to the executors. But what happens if someone dies without having written a will? Then the process is called “intestate,” where the court makes different decisions.
The Requirements For A Will
If the deceased left a will behind, specific requirements must be met for the will to be considered valid. The person making the will must be at least 18 years old, must have testamentary capacity (not affected by any mental impairment and understanding the legal effect of the will), the will must be in writing, it must be signed by the person making the will, and the signature must be witnessed by two other people who have also signed the will. Witnesses should not be receiving gifts from the estate.
If you didn’t find a physical copy of the will amongst the deceased’s possessions, it would help to approach any legal entity, such as a firm, with which the deceased may have had connections to see if a will was created.
Who Is Required To Deal With The Probate?
If the deceased left a will, it has to be determined if the executors can act. This brings into account the questions as to whether the people who were appointed to obtain the grant of probate are also of legal age and sound mind, whether they are capable of gathering the deceased’s assets for distribution, as well as whether they are capable of distributing assets to the beneficiaries. If all of these answers are positive, then the executors need to apply for a grant of probate.
If the deceased did not leave behind a will, it will be up to the closest living relatives to act as administrators and decide how property should be treated and distributed.
Do Administrators Need A Grant Of Probate?
Because the rules are a little different when there is no will, a grant of probate is only needed, dependent on the deceased’s assets. If an estate is estimated to be worth less than a certain amount, then a grant of probate may not be necessary; if it is worth more, a grant of representation will be required. In this event, it would be a good idea to obtain legal counsel to help with these formalities.
If you’re unsure whether a family, friend or loved one has a will, it would be a good idea to have that critical conversation and get some legal counsel involved.