Probate application is an integral part of property management and there are specialised will and probate lawyers who handle this.
Now the question is: what is probate? The need for a probate arises after the death of a person when their will needs to be executed for distributing their estate among their successors and loved ones.
The executor of the estate is selected in the will that has been left behind by the deceased and has to apply for the grant of probate to the local authorities.
If granted, this probate implies that the Will is a legally valid document that has been left behind by the deceased, and the estate executor can now begin the process of distributing the estate to the new owners as determined by that Will.
Do you need to Hire Lawyers to make a Probate Application?
The laws in Australia do not make it compulsory for estate executors to have a lawyer to make their probate applications.
However, in most cases, the individuals named as executors or co-executors in the Will are family members or friends who may not possess much legal knowledge. That is why it is better for them to hire professionally trained probate lawyers for making the probate application.
These lawyers have years of experience and can remove the hassle of tedious paperwork submission in the probate process. In many cases, family estates are left in a lurch and disputes arise.
Fearing a ton of legal jargon and technicalities, the estate executors often back away from their task. In such situations, the presence of probate lawyers can be beneficial and reassuring for them to carry out the Will.
After local authorities grant the probate application, probate lawyers also assist with some essential tasks such as collecting the assets from banks, insurance companies, and other institutions that belong to the deceased.
When is probate essential?
It is necessary to know when probate is essential.
Here are a few situations where having a probate may be required:-
Bank:
Banks usually require probate grants to release the deceased person’s funds. However, the probate may not be needed if the person’s assets are of a very small value.
The limits above which probate grants become compulsory can vary across banks and the provinces of Australia.
This information is usually listed on the official website of most banks. Most people with any substantial savings will require a probate grant to release their bank funds after their demise.
-
Nursing home:
Sometimes, nursing homes charge a fee called the Refundable Accommodation Deposit. This amount is meant to be refunded if the patient does not stay at the nursing home for the full course of their booking.
However, most nursing homes will refuse to refund the applicable amount to the deceased’s family without a proper probate grant.
-
Stock market:
If the deceased had owed stock market shares of any value, then a probate grant is essential for the estate executor to take charge of their assets and sell or distribute them among the deceased’s successors according to their wishes.
-
Litigation:
If there was litigation regarding any part of the deceased’s estate before or after the deceased’s death, a probate grant is essential before any part of it can be redistributed or sold off.
Probate lawyers can quickly put in the application, and the probate will be granted to the estate executors in just a few weeks’ time.
When can you avoid probate applications?
There are scenarios where you can avoid probate applications such as:
-
Lack of Will:
Probate applications are not required if the deceased person does not leave behind a will. Their property will be distributed among their legal heirs according to the inheritance laws operating in that area.
-
Joint holding:
Probate grants are also not needed if the deceased’s bank account or other assets were joint holdings.
For example, for those having joint holder bank accounts, if one holder passes away, the account automatically passes onto the sole remaining holder. In this case, no probate application is required.
How to hire probate lawyers?
Many individuals work hard throughout their lives to build their estates, amassing property and other assets that they can leave behind to their loved ones.
However, it is very painful when the estate owner’s wishes are not honoured after their demise. Often, conflicts and disputes arise and the property may be taken over by individuals that were not intended to be incharge by the original owner.
Hiring professionally trained probate lawyers is essential to avoid such scenarios and ensure that each person gets their rightful part of the estate.
At Fit Lawyers, we have experienced lawyers specialising in estate planning and property law in Australia. Our team of dedicated lawyers and researchers ensure that clients get expert legal guidance.
With a high success rate, we are committed to offering our services at an economical price. Feel free to call us at 0415 835 733 or send us your queries via email at fitlawyers.au@gmail.com today.