Your executor may need to apply for a Grant of Probate of the Will. A Grant of Probate is a decree by the Supreme Court which pronounces the validity of the Will and the Executor and enables financial institutions and the Lands Titles Office to transfer assets to the estate.
A Grant of Probate can be expensive and the Court’s filing fees alone can be up to $3,300. Additionally, if you appoint the Public Trustee or a private trustee company they will usually take a percentage of your estate which can end up being in the tens of thousands of dollars.
Not every estate requires a Grant of Probate, but if:
The type of assets in the estate require a Grant of Probate in order for the executor to pay out the assets of the estate; or
You wish to ascertain the statutory time for a claim to be made on the estate.
Then your executor will need to apply for Probate.
If you do not have a Will, a similar process will be undertaken.
If you die ‘Intestate’, then someone will need to apply for Letters of Administration which requires more leg work than a Grant of Probate. We can assist in this circumstance. You will also need to report to the Public Trustee within six months of the Grant of Letters of Administration.
If you think that there is any chance a claim might be made on your estate, we recommend that your executor wait six months after obtaining the Grant of Probate before distributing, as after this time, people can only claim on any undistributed assets within the estate.
A Will guarantees that your property and assets will go to the people you want them to after you die.
Contact D’Angelo Lawyers today to discuss your Will today.
Creating a Will & Appointing an Executor
An executor is responsible for managing your estate and distributing it to your beneficiaries.