Probate Isn't Scary

While you’re dealing with the loss of a loved one in the role of the executor of their will, it is important to learn what is required of you with the help of your solicitor.

The word “Probate” will be used in any discussion involving the deceased’s bank accounts, shares, superannuation, businesses or property.

It is important to understand that that there are no death duties in Queensland (or the rest of Australia) and that probate may be understood to have several meanings.

As an executor, the steps required by you and your solicitor when dealing with a deceased’s estate are:

1. Gather the deceased’s assets;
2. Pay out any liabilities of the deceased; and
3. Distribute that balance of the estate to the beneficiaries.

This is not the formal meaning of Probate.

In order to carry out these steps, it may be necessary for your solicitor to send the deceased’s original Will to the Supreme Court Registry together with a request that the Registrar apply the ‘Probate Seal’ to the original will.

A copy of the Will with the Probate Seal on it grants the executor and their solicitor the authority of the Supreme Court to take all the actions set out in the Will; including the sale of shares and other assets, recover superannuation, pay the necessary expenses of the estate and distribute the estate to the beneficiaries. 

Please contact Richard Holt or Carley Ronan if you have any questions regarding your role as an executor or about probate in general.

The costs of obtaining probate are about $3,000.00 + GST, + filing fee and advertising fees of approximately $1,350.00.

Probate is a simple procedure for your solicitor and it holds no fears for you.

Disclaimer: This advice is general in nature and is not intended to be legal advice. If you would like legal advice, please call our office on (07) 5619 0440 and we would be pleased to assist you.