It’s never a nice time when someone passes away and the consideration of a person’s will and the potential assets left behind, can sometimes cause some distress and angst for the family and relatives.

When a valid will has been written by a will and estate lawyer in Chatswood, such as TY Lawyers Chatswood, the process of distributing the assets from the deceased is that much easier – the loved one’s wishes are clear – they can be read, understood and respected.

Not to say all parties or relatives will be happy with the will and its entirety, but it certainly gives a framework and guideline as to the deceased wishes.

An experienced will and estate lawyer in Chatswood can assist you with writing your will if you haven’t already got one.

So, what exactly is probate?

Probate in NSW

The term ‘probate’ relates to when a person in NSW dies and leaves a valid will and the legal execution and administration of that will.

You may not need to apply for probate if the deceased did not have a property, a lot of cash or assets. If you need legal advice, consider chatting to a will and estate lawyer, like TY Lawyers in Chatswood who can advise you further.

If you do need to apply, the executor named in the will needs to submit an application for a Grant of Probate to the NSW Supreme Court and follow the applicable steps in applying for probate. There is a fee involved depending on the size of the estate.

Once granted, under the Probate and Administration Act 1898, all assets of a deceased person are placed into a trust before any payments or distribution takes place.

What Happens After Probate Is Granted?

Once probate is granted, it’s the executor’s job to carry out the following:

• identify all the assets
• pay liabilities and debts
• distribute the estate to the named beneficiaries

Probate simply gives the executor legal authority to carry out these duties.

Once all the debts have been paid and beneficiaries are paid, the estate can then be wound up, showing a log of money that has gone into and out of the estate.

Who Is The Executor?

An executor of an estate is someone appointed by a person to oversee and manage their last will and testament and follow the instructions on their affairs and wishes. It also includes ensuring the correct disbursement of the estate to the nominated beneficiaries as outlined in the will.

As such, an executor is appointed as someone who is highly trusted. When a will is written, the name of the executor will be recorded on the will by the will and estate lawyer in Chatswood.

Have You Been Appointed An Executor, But Not Sure What To Do?

If you have been appointed as the Executor of an Estate or if you are a relative of someone who is deceased without a will, TY Lawyers Chatswood can help you.

We will walk you through your legal duties and options regarding the administration of the Estate.

We are experienced will and estate lawyers in Chatswood who also provide assistance with the lodging of an application for a Grant of Probate, as we discussed in this article.

TY Lawyers also provide will and estate services for people of Chinese descent, as our legal team are fluent in English, Chinese Cantonese and Mandarin.

Contact us today to discuss your individual situation and one of our experienced will and estate lawyers at TY Lawyers Chatswood will be able to assist you.

Call us today, on: (02) 8007 0135.