Whether you have named an executor or your next of kin must step in, they all may have to apply for certain specific documents, such as probate or a letter of administration, to legally handle your will and the assets included within it.
Wills and estates contain a lot of distinct legal jargon, which might be confusing. Hence, in this post, we will try to understand what these two legal phrases mean, how they differ, and when you might require one of them. You can also hire a lawyer from Probate Australia if you ever need any legal help in this matter.
Probate is the valid process of making a will legal
The court requires proof that the executor named in the will is now alive, willing, and capable of carrying out the duties assigned to them. It determines if the will is going to be the last will of the deceased person. It also establishes that no objections to the validity of the will exist.
How do you go about getting probate?
An executor is able to apply for probate alone or have it done for them by a solicitor. To apply, you must go through a series of stages, which includes publicising your application online.
You must provide the will of the deceased person, a death certificate, along with a confirmation of the assets of the estate in your application for probate. Affidavits must also be included.
An affidavit is considered as a legal document that establishes to the court, in this case, that the executor will properly and legally handle the estate.
What is an administrative letter?
If you pass away intestate, that is, without leaving a will, the supreme court gives a certain letter of administration to offer a devoted person legal rights to oversee your estate.
When do you need an administrative letter?
When someone dies without leaving a valid will and leaves behind a big estate worth more than a specific sum or an estate including real property, the ‘Next of Kin’ must file for a letter of administration.
Following the issuance of a letter of administration, the person in charge of the asset of your will, bank accounts, including property, and other objects you left behind, can take care of them.
When you establish a will, you offer yourself the best opportunity of ensuring that your assets will go where you prefer them to go and that your executor carries out your final intentions in the manner you desire.
Even if you do not think you have much to leave in a will, you should still make one. Consider creating an online will to provide you peace of mind in the event of an emergency.
Probate or letters of administration should be applied for as soon as practicable. The longer you delay, the more likely it is that the assets will require payment of expenses.
Beneficiaries may become impatient while waiting for the payment, and if the wait is too long, you may lose your executorship. Probate also helps to eliminate the risk of fraud.