NAVIGATING the realm of probate can often seem daunting, leaving many grappling with its complexities.

Fundamentally, probate is the legal validation of a deceased individual’s will, cataloguing of the assets of the estate, identifying outstanding debts and taxes, and recording the distribution to beneficiaries.

The practical intricacies of probate come to light through the distinct experiences of Brian, Julie and their friend Kathryn.

Julie held jointly only owned assets with Brian.

Upon his death, Julie sought legal advice, to discover that, due to the joint ownership of their assets, the probate process could be bypassed saving the estate time and money.

Conversely, Kathryn’s journey took a different course.

Her partner, Paul, left behind assets including real estate and bank holdings.

With Paul’s assets solely held in his name, Kathryn found herself requiring probate.

In New South Wales, the transfer of real estate mandates a grant of probate, though the necessity of probate for other assets varies, contingent upon the policies of different entities such as financial institutions, nursing homes, and superannuation companies.

These institutions establish their own protocols for releasing assets, with some requiring probate for values exceeding a certain threshold, while others have a general policy requiring probate. The grant of probate serves as a safeguard for these entities, ensuring assets are disbursed only to duly authorised executors.

A unique complication arises with assets like relocatable homes and properties within retirement villages, where ownership of the home is not held under Torrens Title.

Here, the requirement for probate is dictated by organisational policies rather than statutory mandates.

Furthermore, aged care facilities may stipulate the production of probate for the release of refundable accommodation deposits (RAD).

The contrasting experiences of Julie and Kathryn underscore the diverse scenarios that executors may confront.

These narratives demonstrate the paramount importance of seeking expert legal advice to deftly navigate the dynamics of estate administration.

Thank you to Anthony Fogarty for his assistance with this column. Email Manny Wood, principal solicitor at TB Law at manny@tblaw.net.au or call him on (02) 66 487 487.

This column is only accurate at today’s date and cannot be relied upon as legal advice.

By Manny WOOD, Solicitor