What is Probate in Victoria?
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What is "Probate" in Victoria? - 8 Things you need to know
Most of us have heard of the word “probate” but don’t know what it is and why and when it is required.
When someone dies leaving a Will and assets these are the things you need to know.
1. What is “probate”?
“Probate” is a Court order that confirms the validity of a deceased Will and gives legal authority to the executor appointed in the Will to administer and distribute the deceased assets according to the terms of the Will.
2. Why is “probate” necessary?
It is necessary if there are “assets” of the estate which the executor appointed in the Will needs to deal with by transfer and or sale. The “probate” Court order gives the executor legal authority to do so.
“Probate” is not always necessary. If assets such as a house or bank account are in the joint ownership of a deceased and co-owner, 100% of the asset becomes the co-owners under the rules of survivorship.
3. Who applies for “probate”?
The named executor, or if more than one the named executor(s) in the Will apply.
The named executor/executors don’t have to apply. If they are unwilling or unable, they can step aside. One or more beneficiaries named in the Will can then step in and apply to be appointed administrators of the estate in then having legal authority to deal with the estate according to the terms of the Will.
4. If they have left Will & Estate assets, how soon after someone dies should I apply for "probate"?
When should I apply for probate after someone dies, leaving behind a Will and estate assets?
There is not strict time limit requirement, but an executor named in a Will should act in a timely way.
Usually the process of applying for “probate” should be started within 3 months from the date of the person deceasing.
5. What is the “probate” process?
A “probate” application is made to the Supreme Court Probate Registry in Victoria.
It requires 2 steps.
Firstly, placement of an online advertisement on the Court portal giving notice of an intention to apply for “probate”. 14 days from its placement must elapse prior to the application being lodged.
Secondly, “probate” Court documents including an executor affidavit with an inventory list of estate assets and liabilities needs to be drawn and signed for lodgement.
A certified copy of the death certificate and the original “Will” are required in support of a “probate” application.
6. How long does a “probate” application take to complete?
A time frame of 3 to 4 weeks including the 14-day online advertisement period should be allowed.
7. How much does a “probate” application cost?
The cost depends on the value of the estate.
The current Allan Labor Government increased application filing fees some 300-680% as a quasi-death inheritance tax.
The current filing fees where the gross value of the estate is...
- Less than $250,000 is $0.00;
- $250,000 or more but less than $500,000 is $514.40;
- $500,000 or more but less than $1,000,000 is $1,028.80;
- $1,000,000 or more but less than $2,000,000 is $2,400.50;
- $2,000,000 or more but less than $3,000,000 is $4,801.00;
- $3,000,000 or more but less than $5,000,000 is $7,185.20;
- $5,000,000 or more but less than $7,000,000 is $12,002.60;
- $7,000,000 or more is $16,803.60.
We charge a professional fixed fee of $2,500 (plus GST) in addition to the Court filing fee.
Subject to case circumstances, we may agree to act on the basis that we pay the upfront filing fees at first instance with our professional and filing fees being paid once the “probate” is made and ready estate monies are accessed.
8. What happens after “probate” is granted?
The executor can take whatever steps are necessary to administer the estate and distribute the deceased’s assets according to the terms of the Will.
Steps usually include:
- Calling in by transfer or sale all estate assets for holding by the executor as trustee;
- Paying all estate expenses and liabilities; and
- Transferring the deceased’s net estate to the entitled beneficiaries.
Find out more about “probate” in Victoria.
Talk to one of our “probate" lawyers in Victoria now.
Galbally & O’Bryan is one of Victoria’s leading “probate” law firms.
We offer a free first consultation over the phone and “fee deferral terms” subject to case circumstances.
Partner Andrew O’Bryan and Senior Associate Carl Wilson are expert “probate” lawyers. Andrew and Carl will review your matter and provide clear, easy to follow advice and guidance regarding your “probate” matter.
We have offices at Melbourne, Dandenong, and Pakenham.
Contact us by email or phone on 03 9200 2533.
How to contact our Wills & Estates Lawyers
Contact our Wills & Estates lawyers
Andrew O'Bryan
Galbally & O'Bryan
Lawyers
259 William Street
MELBOURNE VIC 3000
T (03) 9200 2533 I M 0400 469 704
E aobryan@galballyobryan.com.au
Carl Wilson
Galbally & O'Bryan
Lawyers
259 William Street
MELBOURNE VIC 3000
T (03) 9200 2533
E cwilson@galballyobryan.com.au
Melbourne Office
259 William Street
MELBOURNE VIC 3000
T (03) 9200 2533
E enquiries@galballyobryan.com.au
Dandenong Office
Shop 9/147-151 Foster Street
DANDENONG VIC 3175
T (03) 9769 2510
E dandenong@galballyobryan.com.au
Pakenham Office
Shop 1, 15 John Street
PAKENHAM VIC 3810
T (03) 5941 7990
E pakenham@galballyobryan.com.au