What is Estate Administration?
Estate administration refers to the process of dealing with a deceased estate which includes identifying assets of the estate including property, shares, money in the bank and all other assets, then paying any debts of the deceased person or expenses of the estate, and finally making distributions to the beneficiaries.
If you are an executor named in a Will you should consult an experienced Wills and Estates Lawyer to guide you through what can be a long and complicated process.
What is a grant of Probate?
A grant of Probate is a document issued by the Supreme Court of South Australia which confirms that a Will is valid and authorises the executor(s) to carry out the administration of the deceased estate..
The executor(s) or their solicitor will then provide the grant of Probate to the relevant authorities and institutions, so that the assets can be dealt with in accordance with the directions in the Will.. For instance, banks usually require a grant of Probate to be produced in order to close the deceased’s bank accounts and release the funds to the estate. A grant of Probate is required in order to transfer or sell real estate owned by the deceased person.
If there is no Will then a grant of Letters of Administration may be required instead of a grant of Probate.
What is a grant of Letters of Administration?
A grant of Letters of Administration is similar to a grant of Probate, but applies when someone dies “intestate” (meaning without a Will). The grant is generally applied for by a beneficiary of the estate, such as a spouse or adult child.
The South Australian laws of intestacy set out who will benefit from the estate of a person who dies without a Will, as well as the people who will be entitled to seek a grant of Letters of Administration.
It is highly recommended that you have an estate administration expert assist you through this process as it can be long, complicated and emotional.
When is a grant required?
An application for a grant is usually required if the deceased person owned real estate or other significant assets.
If the deceased had minimal assets, or if all of their assets were owned jointly with another person, it may not be necessary to apply for Probate. In this situation, it is sometimes possible for the assets to be administered by the executor without needing the formal grant of Probate, provided that the executor has the original Will and Death Certificate. However, this can still be a complex process, involving some complicated documents and processes, and your solicitor can help guide you through.
Probate authorises an executor to carry out the directions set out in your Will and distribute your estate.
