When a person dies, leaving any assets or debts, usually the estate’s representative (officially known as the executor) appointed in that person’s Will must finalise the deceased person’s affairs. This often includes tasks such as:
- liquidating the deceased person’s assets (such as real estate, funds in bank accounts, shares, motor vehicles, etc);
- paying any outstanding debts that the deceased person had (such as a mortgage, other loans, credit cards, etc); and
- distributing the balance of the asset pool to the person(s) that the deceased person named as beneficiary in their Will.
Sometimes this can be done without involvement from the Court. However, it may be necessary to obtain a grant of probate before being able to distribute the deceased person’s assets.
A grant of probate is a legal document that is issued by the Supreme Court which then enables the executor(s) of the Will to deal with the deceased’s assets and debts. The grant of probate is the legal document evidencing that the person named in the grant of probate is legally entitled to collect and distribute the deceased person’s estate.
What if my loved one didn’t leave a Will?
You would likely need to apply for ‘Letters of Administration’ to administer their estate. Please read our blog ‘Dying without a will, what happens now?’ for further information here:
If you have any questions relating to Wills and estates, please contact us on (03) 5752 1280.
MORGAN COUZENS LEGAL
If you would like to learn more about Wills and Probate, please read the below blogs:
Answering the most common myth about Wills – “I don’t have enough to make a Will”
The information provided in this blog is produced for guidance purposes only and is not legal advice. The information contained in this blog is based on the current state of the law at the time of writing. The law may have changed since this blog was written.
Morgan Couzens Legal does not accept liability for any loss or damage arising from reliance on the content of this or any blog produced by Morgan Couzens Legal. Liability is limited by a scheme approved under Professional Standards Legislation.
Legal advice should be sought for your individual circumstances. For advice tailored to your individual circumstances, please contact us by telephone on (03) 5722 4681.
