Deceased Estate Administration
When a person dies having left behind a valid and legal Will procedures have to be followed before the beneficiaries can receive their gifts.
Depending on the estate assets, the Executor appointed in the Will of the deceased may have to apply to the Supreme Court of Queensland for a Grant of Probate before he or she may be able to deal with the estate assets.
A Grant of Probate is an order granted by the Supreme Court of Queensland which confirms the authority of the Executor to deal with the assets of the Deceased. Probate is also an indemnity to asset holders (banks, bond holders etc) that the Executor is the right person to release funds to.
The process of obtaining a Grant of Probate may be difficult and complicated and more often than not requires assistance from a solicitor / lawyer.
Letter of Administration
When a person dies without having left behind a valid and legal Will then the surviving family members need to follow the procedures of applying for a Grant of Letters of Administration to the Supreme Court of Queensland.
When will Probate or Letters of Administration be required?
The obligation to obtain a Grant of Probate or Letters of Administration will largely depend on the type of assets that the deceased had and or the entities that hold the assets.
Generally if the deceased had money in a bank account in excess of $50,000.00 (some banks have a much lower threshold) then a Grant of Probate or Grant of Letters of Administration will be required to be obtained. Shares and retirement living fund bonds generally all require a Grant of Probate or Grant of Letters of Administration be obtained.