In areas such as Penrith, Parramatta and the Hawkesbury, many individuals in their lifetime will be made an executor of an estate. If you do not know what this means, you go and ask a lawyer or solicitor for advice. If you are “lucky” you may be told that you need to apply for the process of probate. But what does probate really mean? Is it time consuming and expensive? And the big question is if you are from Penrith, Parramatta or the Hawkesbury, do you need probate? To answer these questions, you need to ensure you know what probate is.
What is Probate?
Probate is a formal order of the Supreme Court of New South Wales to ensure that that a Will is valid. To be able to distribute an estate in NSW which has a total value over $50,000 you must apply for probate. An executor must apply for probate within 6 months from the date of death. This means that if you are the executor of a will, reside in Penrith and the assets are $50,001, you will need probate. However, in some circumstances you may need to apply for probate when the value of the estate is under $50,000. If you are unsure about whether or not you need to apply for probate you should contact your local Penrith, Paramatta or Hawkesbury lawyer from Adams and Partners.
How long does Probate take?
From start to finish, the process of probate usually takes no longer than 6 months. However, this may change depending on certain particular details of the estate. If the process of probate is not dealt with properly from the beginning, it can lead to major to delays. As an executor of a deceased estate, you will want to ensure that you obtain probate quickly. This way, you can ensure that the beneficiaries receive their gifts promptly whilst also complying with your legal obligations.
Is Probate expensive?
Probate can be expensive if you do not receive the right advice from the beginning. A good lawyer or solicitor will tell you that the costs of probate are dependent on the value of the estate. This is a standard fee enforced by the Supreme Court of NSW. What this really means is that using a local lawyer from Penrith, Parramatta and the Hawkesbury to assist you with probate can be very cost effective, especially if you live in one of those areas. No need to waste excessive money or time by travelling to the city!
At Adams & Partners Lawyers, we make the process of applying for probate simple and easy to understand. We can help anyone in NSW with probate. We ensure that we go above and beyond for our local clients in Penrith, Parramatta and the Hawkesbury.
Written by Cameron Spanner