Your loved one has just passed away and left you an inheritance. But how do you get it? If there is a Will then you may need a Grant of Probate. If there is no Will, then you may need a Grant of Letters of Administration.
If there is a Will, then you need to know what assets are involved. Some financial institutions (depending on individual requirements and the money involved) will require a Grant of Probate. Probate requires the original Will to be filed with the Supreme Court along with an Application and several affidavits signed by the executors named in the Will. Once a Grant of Probate is granted by the Court, there are still procedural requirements of financial institutions to comply with before assets of the deceased can be released. The Grant of Probate can take up to 2 months allowing for advertising.
Advertisements must be placed in the Queensland Law Reporter and a local newspaper before the Application can file for Probate. A filing fee must also be paid to the Court. Altogether, these costs are around $1,000. Additional costs may be involved depending where the deceased lived which may involve additional advertisements. If the deceased owned land which needs to be transferred to the beneficiaries then there are additional fees and time delays involved.
If there is no Will then a Grant of Letters of Administration may be required, depending again on what assets the deceased owned. Letters of Administration also require advertising in relevant newspapers plus affidavit information. Additional paperwork may be required to satisfy the Court that there is no Will to be located or where the last Will was. It is a quicker process if a Will is available.
It is therefore a much easier process if you make a Will, should you wish your estate to be distributed without unnecessary delay.
Platinum Lawyers can assist in preparation of your Will and hold your Will in safe custody. You should always advise your executors of the location of your original Will to speed up the process of distributing your assets to your beneficiaries. If you choose to leave your original Will under the mantelpiece clock or elsewhere please advise your executors. Remember, if the original Will is destroyed or lost, then additional costs and delay will be involved in finalizing your financial affairs.
This is an outline only. It is not detailed legal advice. Seek professional advice before relying on this overview.