When a person dies with assets or debts, the estate’s representative – officially called the executor – must finalise their affairs. This typically involves:
- Liquidating the deceased’s assets (real estate, bank funds, shares, vehicles, etc.)
- Paying outstanding debts (mortgages, loans, credit cards)
- Distributing remaining assets to named beneficiaries
While sometimes this occurs without court involvement, obtaining a grant of probate is often necessary to distribute assets.
A grant of probate is a legal document issued by the Supreme Court that authorises executors to deal with the deceased’s assets and debts. It serves as evidence that the named person is legally entitled to collect and distribute the estate.
What if there’s no Will?
If someone dies without a Will, you would likely need to apply for “Letters of Administration” to manage their estate. This process can add to the time and cost of distributing the deceased’s assets.
Having a signed Will avoids depleting your estate unnecessarily in that process.
If you need guidance on probate matters, contact Morgan Couzens Legal on (03) 5722 4681.
The information provided in this article is produced for guidance purposes only and is not legal advice. The information contained in this article is based on the current state of the law at the time of writing. The law may have changed since this article was written.
Morgan Couzens Legal does not accept liability for any loss or damage arising from reliance on the content of this or any article produced by Morgan Couzens Legal. Liability is limited by a scheme approved under Professional Standards Legislation.
Legal advice should be sought for your individual circumstances. For advice tailored to your individual circumstances, please contact us by telephone on (03) 5722 4681.