Your Assets And Probate Law In NSW?
Your assets and Probate Law in NSW is worth seeking expert legal advice about!
Probate is the formal application to the Supreme Court of NSW that needs to be made to allow the Executor of the Estate to manage and distribute the assets in the Estate in accordance with the Will of the deceased.
However, before making an application for Probate, you need to understand what type of assets are included in the deceased Estate, to ensure that an application for Probate is required.
Property owned as Joint Tenants
Property, such as real estate, can be owned as either Joint Tenants or Tenants in Common. The difference between these two types of ownership is that, property owned as Joint Tenants will automatically pass to the other owner when one of the parties dies. This means that property owned as joint tenants, will not be included as an asset in the deceased Estate.
Superannuation and Life Insurance
Superannuation and Life Insurance are dealt with differently to other assets of the deceased Estate. How these assets are dealt with and whether they are subject to Probate, will depend on the way in which the deceased has set up their Estate. If they have directed the Trustee of their superannuation fund or life insurance to pay any money to their Estate, then these assets will be subject to Probate.
However, superannuation and life insurance are not automatically included in the Estate of the deceased. So, if the deceased has not directed the proceeds be paid to their Estate, then the funds will be distributed by the Trustee at their discretion. This discretion can be overcome by making a binding nomination on the Trustee on who the proceeds of the fund are to be distributed to in the event of your death.
Assets in other States
If the deceased owned assets outside of New South Wales, then these assets will not be included in the Probate application and a separate application for Probate may need to be made in the State in which the asset is located. This includes foreign owned property as well!
Small Estates
If the deceased’s Estate is a small Estate, then you may not be required to make a formal application for Probate. This will depend on whether the institutions such as banks, will deal with you without a formal Grant of Probate.
It is important to seek expert legal advice from an expert Wills and Estates Lawyer when you are trying to determine whether an asset owned by the deceased, will be subject to Probate and how to deal with the asset if it is not subject to Probate.
Before selecting your Probate Lawyer, you need to research and ensure that you engage a Lawyer who only deals with Wills and Estates Law, including applications to the Supreme Court for Probate. This will ensure that your Probate Lawyer is an expert in this field and up to date on current practices and processes for a Grant of Probate. The Sydney Probate Lawyer practices exclusively in Wills and Estates Law and will provide you with the professional and expert advice for a Grant of Probate. Graeme Heckenberg has been practicing in Wills and Estates for over 25 years! His offices are conveniently located in Sydney CBD and close to public transport.
Call for a consultation today on 9221 2779 or email info@hecken.com.au