Do You Always Need to Apply for A Grant of Probate for a Deceased Estate?
Normally, where a deceased person has left a Will, the executor will have to apply to the Supreme Court of New South Wales for grant of Probate. This will involve substantial legal costs including Court filing fees which increase depending on the size of the estate. However, if the estate is small and consists of, say, furniture, personal effects and some bank accounts, often this can be dealt with by providing the bank with a certified copy of the Will, a death certificate, evidence of the executor’s identity, a completed withdrawal form and an indemnity by the executor to the bank in case anyone makes a claim on the bank in the future. Bear in mind that even if the deceased held real estate as a joint tenant with his or her spouse, the deceased’s half share will go automatically to the surviving spouse by operation of law and does not form part of the deceased’s estate and therefore will not affect the above scenario. Also, even if the deceased left no Will, in the above situation the next-of-kin could similarly apply to the bank for the release of funds.
March 2019