What is Probate?
The term probate describes the process of validating a deceased person's Will. When a court grants probate, there is an official confirmation that the Will is valid and authenticated, and that the executor can commence carrying out the conditions of the Will. This includes identifying assets or liabilities, handling and distributing property and wealth as indicated in the Will, along with any other designated actions. When the application is approved, the Court issues a Grant of Probate confirming the executor has authority to handle the Will and pay associated debts.
When is Probate Required?
Applying for probate is not required every time a Will is enacted. In many cases, the executor can carry out the conditions without court involvement. It is only in some cases that probate is required – financial institutions or business interests may require probate to ensure they are making a payout to the correct person.
Without a Grant of Probate, some asset holders may refuse to make a payment, even if clearly designated in a Will. Examples of when probate may be necessary include cases where the deceased had:
- A bank account with a significant amount of money
- Many shares in a company
- Significant insurance or superannuation
- Property assets solely in their name
Probate Rules in South Australia
Probate laws vary across Australian states and territories, and can be even more complex when handling a Will internationally. The general steps for probate in SA include collecting information and documentation, completing relevant probate forms available at the CourtSA website, and lodging the application and paying associated fees.
At Zed Legal, we understand that your focus will be elsewhere when you have lost a loved one. Contact us if you need assistance with the administration of an estate or applying for a Grant of Probate.