When talking about how long is probate going to take in Australia, it is worth noting that the application varies from state to state. ‘Obtaining official permission to carry out the Will’s wishes’ defines probate. However, this term has come to apply to the full process of administering someone’s estate.
This entails gaining court approval by paying inheritance taxes to divide assets. Meeting the Will-maker’s desires is the job of an executor. Basically, the executor is the person who is responsible for how long is probate going to take.
The Will of the deceased usually mentions who the executor is. They can choose other people to share the responsibility. The executor will be the next of kin if the deceased hasn’t named anyone. This is also why choosing an executor is crucial. The next of kin isn’t always the best person to carry on this task.
When Is Probate Necessary?
When a person passes away and leaves behind certain assets, probate may be necessary. If money is in a bank account and the deceased was the only account holder, the financial institution may request a grant of probate before releasing the money to the executor.
This is usually only required if the amount is greater than a particular threshold. Other documents such as a copy of the death certificate and the deceased person’s Will, may be sufficient to allow the financial institution to release the funds for lower sums.
Each financial institution’s policy on deceased estates is likely to be different. That’s why it’s worth checking laws about your specific situation. A deceased may own a large number of shares. A grant of probate may be demanded from the corporation or trading platform where the shares were held. This gives them time before releasing the shares.
According to the Supreme Court of New South Wales, however, if the deceased owned all of their property jointly with another person who is still alive, this may not be necessary. In this situation, ownership would pass to the second individual without the need for probate.
How Long Is Probate: The Executor’s Responsibilities
Executors are in charge of paying any outstanding bills and distributing assets to beneficiaries from the estate. The following are some of the tasks:
- Gathering all of the estate’s assets
- Determining the estate’s worth
- Calculating debts and repaying them (e.g. a mortgage, loan, or credit card balance)
- Making payments and completing inheritance tax forms
- Payment of funeral expenses
- Making distributions to the estate’s beneficiaries
- Indicating how the estate has been managed by creating financial statements
To know how long is probate going to take, the executor of a person’s Will must first obtain court approval. This is known as applying for a grant of probate. It’s also known as applying for a grant of letters of administration if the person hasn’t left a Will. If either of the following applies, you do not need a grant of probate:
- The estate is small and straightforward or it is complex.
- The estate would pass to the survivor automatically if it was jointly held.
How Long Is Probate: What Can Delay Probate?
Many people neglect completing estate planning, and avoid putting their possessions at the mercy of the courts. To make matters worse, probate can take on a life of its own, taking months or even years to complete in some cases.
Issues with the Will
An executor must first locate the deceased’s Will before applying for a grant of probate. Death can come unexecpectedly. If the executor is unaware of where the Will is kept, they will need to contact the person’s lawyer or conduct an examination of the person’s personal belongings and records.
It’s not uncommon for the deceased to leave a last Will and testament without clearly indicating that the document replaces and revokes any previous Wills.
If another heir or beneficiary appears with a better Will, it may not be clear which Will should take priority. This will almost certainly lead to a Will contest, and ultimately the court can decide. The estate settlement might take a year or more.
Determining the assets and liabilities
The time it takes to organise the assets varies depending on the size of the estate, its assets, and the beneficiaries. This phase can take some time depending on the state of the estate and preceding estate planning.
The death certificate
The funeral director obtains an official document called a death certificate. It may take several weeks to acquire the formal document. This depends on how the death was registered.
The Application Procedure
The application procedure is one of the variables that might considerably affect how long is probate going to take. The grant of probate requires many documents to move forward in the application process. You can severely delay the transfer of assets to beneficiaries if you miss a step, document, or submit information incorrectly.
From the date of death through the distribution of the estate, the probate process takes around a year on average. Even simple estates take at least six months to complete probate, though it may take less time. However, the estate should be administered in around six weeks once a grant of probate has been issued.
When beneficiaries don’t get along
A family dispute may affect how long is probate going to take as this extends its process. Beneficiaries won’t always get along. A representative requires the probate judge’s permission to perform every activity.
In these cases, it is best to seek guidance from an experienced solicitor to ensure that proper legal procedures will be carried out.
Importance Of Seeking Legal Advice
Probate is an important step in administering an estate after a loved one passes away. The time it takes to acquire a grant of probate can vary depending on a number of factors and the easiest method to figure out how long probate will take is to get legal guidance.
JB Solicitors ensures that our experienced Wills and estate planning solicitors remain with our clients throughout the probate process, assisting them in determining the best tactics for handling Wills.
Contact JB Solicitors today.
