What Is Probate and When Do You Need It?
If you have been named an executor, you will quickly meet the word “probate”. So what is probate and why is it necessary? This article explains it and when you actually need it.
What is probate?
Probate is a formal order from the Supreme Court of NSW confirming that a deceased person's will is valid and that the executor has authority to administer the estate. It lets the executor collect assets, pay debts and distribute what remains.
Why is probate necessary?
Probate exists to protect everyone: it confirms the valid last will, protects institutions that release assets to the executor, and gives beneficiaries confidence the estate is properly administered. Without it, many organisations refuse to hand over significant assets.
When do you need probate?
You do not always need it. Probate is commonly required where the deceased owned real property in their sole name, or held significant bank accounts, shares or investments that the institution will only release under a grant. It is often not required for modest estates or assets held as joint tenants that pass automatically to the survivor.
Frequently asked questions
What is probate and why is it necessary?
Probate is a Supreme Court order confirming a will is valid and the executor has authority. It is necessary because banks and other institutions usually require it before releasing significant assets.
When do you need probate in NSW?
Typically when the deceased owned real property in their sole name, or held significant accounts or investments released only under a grant. Small estates and jointly held assets often do not require it.
How long does probate take?
It varies with the estate and the Court's workload, but preparing the application carefully at the outset helps avoid delays.
Let Leyden Legal guide you through probate
Administering an estate can feel overwhelming. Leyden Legal has helped executors and families across Tamworth, Manilla and the North West through probate for three generations, with clear and compassionate guidance.
Contact Leyden Legal today for help with probate.
This article provides general information only and is not legal advice. Whether probate is required depends on the estate. Please seek tailored legal advice before acting.
