Without a grant of probate, in most cases the executor will not be able to access the deceased’s bank accounts nor be able to transfer any shares, vehicles or property held in the sole name of the deceased to the beneficiaries.
Upon the court granting Probate the executor is authorised to administer the estate of the deceased in accordance with the Will.
The probate document acts as proof to asset holders (Banks, Private companies and Government Departments) that the executor is authorised to deal with the assets of the estate.
In administering or distributing the estate, the executor may become liable to any losses suffered by the beneficiaries and/or creditors of the deceased as a result of the delay in realising assets. Examples include when there are shares or a business as part of the estate and when the assets of the estate are distributed without first paying all debts of the deceased.
Filing an application for probate and administering an estate can be time consuming, complicated and costly if mistakes are made, therefore it is recommended that you seek professional assistance. Contact Shad Partners Solicitors to speak with an expert lawyer in probate who can provide you with the proper legal advice you deserve. Call us now on (02) 9790 7000