Often if the value of an estate is over $50,000 it will be necessary for the executor named in the Will to apply to the Supreme Court of Victoria Probate Office to obtain what is known as a Grant of Probate. If the deceased had no Will then it may be necessary for a spouse, child or family member to apply for what is known Letters of Administration or a Grant of Administration.
The Grant of Probate or Letters of Administration allows the Executor or Administrator to collect any money held in the deceased's name from banks, apply for the release of funds held in superannuation, death benefits, insurance policies. It also allows the Executor or Administrator to sell any assets held in the deceased's name such as house or any investment property, shares, or transfer assets to the beneficiaries named in the Will.
Time limits apply and if estates are not dealt with within a certain period of time the Estate may be charged capital gains tax on any assets sold. Please make an appointment with our Lawyer to discuss any Probate issues you may have.