When a person dies in a family and makes a family person the main executor, you will come into the picture to handle the family’s assets and finances. Probate Application is where you can submit your Application for Probate. The people living in Queensland can submit their application to start the process of Probate in Queensland.
What do you mean by Probate?
A probate is a form of the legal process required in the case of a family member who passed away and wants to hand over the family assets to the next generation of family members with the help of an executor who is mentioned in the will. The main authority in the Probate is the executor, as he looks after all the matters related to the will, clears the dues, and distributes the assets in the family person’s name.
Suppose a senior in the family dies without creating a will or without appointing an executor. In that case, the family member’s kin will have to apply for the “Letters of administration” instead of going for Probate. The process for the letter of administration is very much the same compared for Probate.Probate consultants are available to guide any family through the right process.
Why is Probate important?
Probate is very important from every point of view. In this case, the main family member dies a sudden death and leaves everything without proper documentation. So the family will have to go through Probate to transfer the assets and the finances to the rightful owner of the deceased.
E.g., If there is a good amount of funds present in the deceased’s bank account and he was the only account holder. In this scenario, the financial institution will not release the funds until the Probate is taken for handing over the funds to the executor.
Also, if a person has made several investments in shares for a trading platform and has died, the share trading company will ask for a grant of Probate for releasing the shares to the family members. That is why it is very important to go and apply for Probate Application Queensland.
What are the charges for Probate?
The important thing to keep in mind is that the cost will vary from state to state and territory to territory to calculate Probate. The cost is calculated based on the value the estate carries.
The cost will be anywhere around 1000$ in the case of small estates and around 11000$ for bigger estates.
There is no need to apply to Probate for some very small estates and no additional cost to pay for the same.
If you plan to hire a lawyer, then there will be an additional cost that will get added for the time spent by the lawyer in handling the matter. By controlling the cost and not lowering the service, probate consultants will help get a reasonable fee and quality pricing.
Who can apply for the Probate
Mostly, only the executor or more than one person named in the will can apply for the Probate. In some states and territories, the applicant will have to be more than 18 years old to apply for the Probate.
It is seen that families take the help of a lawyer to go through the process of applying as it helps in dealing with the court. It is not necessary, but it would be great if you could take the help of a lawyer as you are not aware of whether there is a need to apply for the Probate or if you think that you will require some help with the Probate.
How long does the process of Probate take
There are several steps to follow for the Probate application to process, and they are as follows:
Notice Time: A legal notice is given to apply for Probate by the executor. A notice period of 14 days in advance will have to be given to do the right kind of searches, concerns, and claims to get processed. It is also a good time for the parties to share any concerns.
Documentation: When you are going through a notice period, you can inform your lawyer to start working on preparing the documents related to the Probate. It will take anywhere around one to two weeks to find the exact value of the assets and any liabilities to get paid.
Grant of Probate: Once the parties have submitted all the required documents to the court. The court will take a good amount of time (depending on the location) to process the application and grant of Probate.
Registering for the Estate: The timeline for looking after and distributing the estate will depend on the size of the estate and any issues related to the estate. The executor is doing it by himself or with the help of a lawyer. So that the family owners are not on the losing side of the process and can handle the delays.
Ways in which a Lawyer can Help?
- Making the family member aware of their various rights and responsibilities.
- Giving the right support needed for any issues related to the tax.
- Work towards finding and registering the willful assets of the deceased family member.
- Giving the right guidance to pass the assets or pay any debts.
- Helping you in clearing any claims related to the estate.
- Assist you in applying for Probate and completing the formalities by filling out the Probate forms.
Does the application vary for every location?
Yes, applying for a Probate will keep varying from one state to another and one territory to another. It is important for residents staying in a particular state or territory to check with the local court, or you can take the help of a lawyer to guide you correctly. It is also important to understand if the person who died had assets in more than one state. So, in that case, the executor will have to submit an application for the grant of Probate in both the states.
Every family will have to fill out the Probate Application to take the right step for the Probate and make everyone at peace in the family.