Do I need a Grant of Probate or Letters of Administration?
When approached by clients in Estate matters, our first task is to consider this question.
Here is a basic guide;
The deceased owned real estate in their name only? Yes
The deceased owned real estate as joint proprietors or joint tenants? No, their share automatically transfers to the other party upon death. You may need to consider submitting a Survivorship Application to remove the deceased’s name.
The deceased owned a share in real estate as a Tenant in Common? Yes. This is seen as a divisible share, even if it is as minor as 1/100th.
The deceased had a Residential Bond/RAD? Yes. While it would be up to each individual residence/company, usually speaking, a Grant of Probate or Letters of Administration will be required.
The deceased just had a bank account/bank accounts? This depends on the financial institution itself. A usual guide would be $50,000 at the date of death (per bank). So if the deceased had $30,000 with CBA & $30,000 with ANZ, you wouldn't need a grant. If however, they have $60,000 in one of these banks, a Grant of Probate or Letters of Administration would be required.
Shares? Small parcel, most likely not. Medium/Large portfolio, yes.
DisclaimerThis information is general in nature and is not intended to be relied upon as, nor to be a substitute for, tailored legal advice.