What is A GRANT OF ProbAte?
When someone dies with a Will, an application for a Grant of Probate of the Will must be made to the Supreme Court of Victoria, by the Executor/s appointed by the Will, before the deceased person’s assets can be dealt with.
The Grant of Probate is a Court order issued by the Supreme Court of Victoria. It is recognition from the Supreme Court of Victoria that the deceased’s Will is valid and is in fact the deceased’s last Will and Testament. The Grant of Probate appoints and authorises the Executor/s to administer the assets and the estate, in accordance with the terms of the Will. Without a Grant of Probate, no one is authorised to administer a deceased person’s assets. The exception is if the value of an estate is below the threshold prescribed by the Administration and Probate Act 1958 (Vic).
When making application for a Grant of Probate, it is crucial to get it right from the very beginning. If any steps are missed, or the application is missing any information, the Executor/s making the application may have to restart the application from the beginning, which of course, causes a delay in administering the estate. This is likely to cause angst amongst the beneficiaries of the Will. At Wollerman Shacklock Lawyers, we charge a fixed fee on making application for a Grant of Probate. The fixed fee will depend on the value of the estate.
We can also assist the Executor/s with administration of the estate to ensure that the Executor/s are administering the estate in accordance with the law and in accordance with the Will. It is extremely important that the Executor/s administer the estate in accordance with the law and in accordance with the Will because if they do not, an application to the Supreme Court of Victoria can be made for the removal of the Executor/s for breach of their legal duty and to appoint someone else to administer the estate. If the Executor/s breach their legal duties, they can be held personally liable for any loss sustained by the estate as a result of the breach, meaning that the Executor/s would be required to pay the loss the estate has incurred using money from their own pocket. It is also important to note that Executor/s are personally liable for any liabilities incurred in the course of administering the estate including outstanding tax liabilities. Searches and advertisements should be made in order to cover Executor/s from personal liability. At Wollerman Shacklock Lawyers, we provide you with the necessary legal advice to ensure that you are satisfying all of your legal obligations so that you will not be held personally liable on behalf of the estate and out of pocket.
If you require assistance with obtaining a Grant of Probate or administering an estate, please contact us on (03) 9707 1155. Alternatively, please email us at admin@wslegal.com.au.