You may have heard people referring to ‘probate’ after someone has passed away. Probate is the official proving of a Will and registering it in the Supreme Court of South Australia of the last valid will of the deceased person.
While executor(s) can apply for Probate directly, it is normally done by a lawyer on their behalf, due to the complexity of the application.
Do I need Probate?
To determine if Probate is required a lawyer will assess the nature of assets and any requirements of institutions holding those assets. For example, most financial institutions will require a Grant of Probate for assets with a value over $50,000.
A Grant of Probate is not required if the all assets of the deceased are held as joint tenants. For example, if a couple have joint ownership of a house (their only asset) Probate is not required if one of the spouses passes away.
If the deceased owns real estate in their own name or as a tenant in common, Probate will always be required.
Applying for Probate
The Supreme Court of South Australia Probate Registry requires the following documents when applying for a Grant of Probate:
- Executor’s Oath
- Original Will
- Draft Grant of Probate
- Affidavit of Assets and Liabilities. This document discloses a schedule of all assets held by the deceased at the date of death together with all liabilities owed by the deceased at the date of death.
- Registrar’s Certificate for each estate asset. These Certificates will be provided by an executor to the appropriate financial institution or organization to facilitate proof that the asset forms part of the deceased’s estate.
The filing fee for Grant of Probate varies depending on the gross value of the estate.
There are strict rules and forms to adhere to in the application process and as such an application for a Grant of Probate can, at times, be complex.
Make an appointment with one of the experienced solicitors at Hume Taylor & Co today to determine if you need Probate and to assist you with your application.