5 Common Questions about Probate

5 Common Questions about Probate

What is Probate?

Probate is the process where the Supreme Court checks and verifies (“proves”) the last Will of the deceased.

Once the process is completed, a document called a ‘Grant of Probate’ is issued by the Supreme Court.

Do I need Probate?

This all depends. In NSW, the answer is yes in most cases.

However, sometimes for smaller estates Probate is not required and assets will be released without the need for Probate.

Turnbull Legal Solutions can provide you with legal advice specific to your situation to ensure you don’t waste money on getting Probate if it’s not necessary.

How much does Probate cost?

The legal fees to prepare documents and lodge them with the Supreme Court is regulated by legislation. This means the legal fees we charge for the work done up to getting the Grant of Probate are a fixed fee charged on a sliding scale based on the value of the estate.

Before any work is undertaken, we will always provide you with a detailed explanation and estimate of our fees.

There is also a fee payable to the Supreme Court when lodging an Application for Probate. This is called the ‘filing fee’. The amount of the filing fee is also regulated by legislation and charged on a sliding scale based on the value of the estate.

After the Grant of Probate is received, there is additional work required to ‘call in’ the assets (this is the process of arranging for bank accounts to be closed, shares to be sold and so forth). These tasks are billed to the estate based on the time it takes for us to complete the work.

I am the Executor, do I have to pay your fees?

In most cases, the legal fees are paid from the estate.

Turnbull Legal Solutions will defer all legal fees until the matter is finalised. A bill will be given to you at the end of the matter with all fees being deducted from the estate before the estate is distributed to the beneficiaries.

How long does Probate take?

This varies from matter to matter.

A simple estate, without Probate, can be finalised in a matter of a few weeks. However, “standard” estates are usually finalised within 6-12 months of when the process is commenced.┬áMore complex estates (or those with a life interest) can take many years to finalise.

Turnbull Legal Solutions can provide you with affordable expert advice about all aspects of an estate.

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