A Grant of Probate is an official document from the Supreme Court of Queensland that confirms the last Will is valid and gives the Executor (the person named in the will to handle the estate) the legal right to deal with the deceased person’s real property, cash at bank, and other assets.
Probate provides a mechanism for notifying creditors and other interested parties about the deceased person’s passing. This allows creditors to make claims against the estate, and the Executor can settle outstanding debts before distributing the remaining assets to beneficiaries.
When is Probate required?
Whether you need a Grant of Probate depends on the size and value of the assets held in an estate.
Usually organisations where assets are held will dictate whether probate is required.
For example:
bank balances between $50,000 and $100,000 (varies by institution);
aged care Refundable Accommodation Deposits (RADs), and
share portfolios.
If there is the potential for legal disputes or a family provision application, then we recommend the Executor proceeds with gaining a grant of probate.
What if the first named Executor has passed away?
Sometimes an Executor (or Executors) may be deceased or do not want to accept the role as Executor. In this case, the role may fall to the other co-executors, or an alternative Executor named in the will.
Next steps
If you have been appointed as an Executor and have questions, or need assistance with probate, our experienced Wills and Estates Team is here to guide you through every step of the estate administration process.