What is Probate?
A Grant of Probate is the Supreme Court of Queensland’s formal recognition that the last Will and Testament of the Deceased is valid and binding. The Grant of Probate also recognises the authority of the appointed Executor and allows them a deal with the estate of the person who has passed away. To communicate with, for example, banks, nursing homes, and share companies (Asset Holders), the Executor must produce a Grant of Probate. The Executor is required to produce this document, which gives them authority and confirms to the Asset Holder that they are authorized to administer and otherwise deal with the estate assets.
When is Probate Required?
As Executor of Estate, you may be required to apply for a Grant of Probate when the value of the estate is greater than $50,000.00, please note that this amount can vary between the circumstances. Some Asset Holders, like financial institutions or nursing homes, require the Grant of Probate before they can release funds to the Executor for distribution. The requirement for Probate is often based on the conditions of the individual Asset Holders as to restrictions of when they can release the asset.
We recommend that you do apply for a Grant of Probate, irrespective of the value of the Estate, to ensure that you have proof of the validity of the Will and your appointment as Executor.
The process for applying for a Grant of Probate is complicated and heavily regulated by the Supreme Court. We recommend that you engage a solicitor to assist you with this process to ensure that it is completed correctly and that there are no unnecessary delays.
There are five (5) steps in the application for a Grant of Probate and they are, as follows:
- Advertising in the QLD Law Reporter your intention to apply using a particular Notice;
- Providing a copy of that Notice to the Public Trustee;
- Allow 14 days to pass before making a formal application to the Court;
- Preparing the necessary documentations which make up your formal application; and
- Filing your application at the Supreme Court.