An Estate in Probate means that the Supreme Court of New South Wales has agreed that the Will of the deceased is their last valid Will.
As soon as the Supreme Court admits a Will to Probate, it means that the Executor named in the Will is able to collect the assets of the deceased and distribute them to the beneficiaries named in the Will.
Do you need legal advice?
If you are named as an Executor in the Will of a deceased it is important that you seek legal advice before making an application for Probate to the Supreme Court.
This legal advice is necessary for a number of reasons. The first being that not all Wills are required to be admitted to Probate. If the deceased did not leave any real property and the assets of their Estate are small, then you are not required to make an application for Probate and you can distribute the Estate of the deceased without a formal Grant of Probate from the Court.
The second reason to seek legal advice is, that there are a number of legal responsibilities and obligations that come with being the Executor of an Estate. This includes documents that you need to sign and file with the Court and the main document is an Affidavit from the Executor. This Affidavit is extremely important, as it sets out an inventory of the deceased’s assets and liabilities and needs to be true and correct.
Does everyone need a professional Will?
Yes, everyone needs a professional Will! The costs to your Estate of not having a professional Will can be enormous. They can include costs of Court proceedings where the Will you have left is ambiguous or unclear. A professional Will ensures that your wishes are clearly drafted as well as ensuring that your Will is validly executed in accordance with the law, such as having two independent witnesses.
A professional Will also minimises the risk of your assets being subject to a family provision claim. This is because a legal expert can help you identify any people in your life that you have an obligation, under the law, to provide for. In the event that you do not wish to leave any provision to any of those people, your legal expert can assist you to draft documents in support of this decision. Such documents are always taken into account by the Court when considering a challenge to a Will.
If you need advice on obtaining a Grant of Probate or drafting a professional Will, you need to seek legal advice from an expert Wills & Estates lawyer. Book an appointment today and speak to the expert lawyers at Sydney Wills Lawyers, on how to successfully obtain a Grant of Probate, or a professional Will. We specialise in Wills & Estate Law and pride ourselves on our open and honest communication with clients.
Conveniently situated close to all public transport in Macquarie Street, Sydney CBD.
Call today to discuss your estate matter on:- 9221 2779