Rebecca Edwards from CRH Law and I’m to talk to you today about Probate.
What is Probate?
Probate is an official court document. It’s issued by the supreme court where the court is satisfied that a will is the last valid will of the deceased person.
Who can apply for Probate?
An application for Probate is usually made to the court by the executor or executors who are named in the deceased person’s last will.
When is Probate required?
Probate is often required by financial institutions who hold assets on the behalf the deceased person. The financial institutions set thresholds above which they will require a granted Probate to be produced prior to releasing assets. Thresholds vary from institution to institution but can be as low as $15,000.
[This has been Rebecca Edwards talking about Probate.]