Probate and administration are legal processes that occur after someone passes away. These terms are often used interchangeably, but they have distinct meanings in the realm of wills and estates. Below, we explain the difference between probate and administration and highlight the role of will and estate lawyers in these processes.
Definition of Probate
Probate refers to the legal process of administering the estate of someone who has died. It involves gathering and valuing the deceased's assets, paying any debts or taxes, and distributing the remaining assets to beneficiaries according to their will, if there is one.
Role of Will and Estate Lawyers in Probate
Will and estate lawyers play a crucial role in assisting with the probate process. They can help executors, who are appointed by the deceased, navigate the complex legal requirements and ensure that the probate process is done correctly and efficiently.
Will and estate lawyers can help with the valuation of the deceased's assets. This includes assessing the value of real estate, vehicles, investments, and other assets.
Will and estate lawyers can help executors settle any outstanding debts or taxes owed by the deceased. This includes determining if there are any outstanding taxes or loans that need to be paid and working with the tax authorities or financial institutions to resolve these issues.
If the deceased left a will, will and estate lawyers can assist in the distribution of their assets to the beneficiaries. This includes understanding the will's terms, identifying and contacting beneficiaries, and ensuring that assets are transferred to the correct individuals or entities.
Definition of Administration
Administration, on the other hand, refers to the process of administering the estate of someone who did not leave a will. It involves the same steps as probate, but without a will to guide the process.
Role of Will and Estate Lawyers in Administration
Will and estate lawyers also play a crucial role in assisting with the administration of an estate when there is no will. They can help the administrator, who is appointed by the court, navigate the legal complexities and ensure that the estate is administered correctly.
Will and estate lawyers can help with the valuation of the deceased's assets. This involves assessing the value of real estate, vehicles, investments, and other assets, as well as identifying any unknown or intangible assets.
Will and estate lawyers can help the administrator settle any outstanding debts or taxes owed by the deceased. This includes determining if there are any outstanding taxes or loans that need to be paid and working with the tax authorities or financial institutions to resolve these issues.
Unlike probate, where there is no will, the distribution of assets in administration is determined by the court. Will and estate lawyers can assist the administrator in understanding the court's decision and ensuring that assets are transferred to the correct individuals or entities.
Will and estate lawyers in Chatswood play a crucial role in guiding executors and administrators and ensuring that the probate and administration processes are carried out correctly and efficiently.
Whether you are seeking a commercial lawyer in Chatswood for a commercial matter, or advice from a will and estate lawyer for a probate and administration matter, please consider TY Lawyers for all your legal advisory services. To learn more about the will and estate services available to you at TY Lawyers in Chatswood, please contact us here.