Probate
What is Probate?
Probate is the process where the court recognizes the authority of a Personal Representative (formerly known as the Executor) to administer the assets of an Estate. If you require a ‘Grant of Probate’, it means the deceased had a Will. If you require a ‘Grant of Administration’, it means there was no Will and, subsequently, no Personal Representative.
Both the timeframe for obtaining a Grant of Probate and a Grant of Administration vary depending on the complexity of the Estate. In straightforward scenarios, a Grant of Probate can be obtained in as little as 3-4 weeks. In cases where there is no Will, or the Will is insufficient for the court’s standards, obtaining a Grant of Administration can take upwards of 8 months.
What does the Personal Representative do?
The Personal Representative is responsible for handling the assets of an Estate. We call this ‘administering’ an Estate. This role is more complicated than many people – even you – may realize.
Your primary tasks include:
locating and potentially probating the Will;
finding, valuing and protecting assets;
handling any of the Estate’s debts or taxes;
meeting and updating the beneficiaries;
and distributing the assets.
Often, the process of settling an Estate can take up to two years, or longer.
How can MyProfessionals help?
Administering an Estate may seem overwhelming; this is where we come in. It is our job to help you meet your obligations in Estate administration. We are here to provide advice, assist you in applying for any necessary Grants, and help you in submitting final statements and release forms to the beneficiaries.
Sometimes, the Estate’s administration requires additional services to be rendered, such as the sale of land or businesses. These aren’t normally carried out by the Personal Representative, but we are ready to undertake these tasks as well.