Probate of a Will refers to a court order issued by the Supreme Court of New South Wales that appoints the person who is named executor to administer the estate according to the Will of the deceased.
Anyone who is nominated as an executor in a Will should obtain advice regarding whether a grant of Probate is necessary. If the deceased owns real property in his or her sole name, then a grant of Probate will usually be required. Many banks also require a grant of Probate, particularly where the deceased has accounts totaling more than $50,000.
In these circumstances, the assets of the deceased cannot be transferred to a beneficiary until the Court has made a grant of Probate.
If a grant of Probate is necessary you should make you application to the Supreme Court of NSW within six (6) months from the date of death of the Testator. The Court may grant an extension of this time period in certain circumstances.
But what if the person died without an existing Will? You may have to apply for Letters of Administration instead of a Probate. For more information on this legal process, you should call WillClaim on (02) 8875 7792