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What is Probate? Probate is a process where the court grants an official recognition of the will for the executors to dispense with the deceased’s estate in accordance to their last testament. The executor may require Probate before organizations will release the deceased asset/s for you to disburse with in accordance to the will. Circumstances when you need Probate? Where the deceased person is the only person on the title, or you are tenants in common (i.e. deceased person has ½ and other person has ½) If the existing bank requires Probate to dispense with the deceased estate’s mortgage. Circumstances when you don’t need Probate? If the existing bank states that it does not require Probate to dispense with the deceased estate’s mortgage. If you are a Joint Tenant with the deceased on the property title, this means survivorship takes place and the property then belongs to the joint owner. A simple form to the Land Title Registry is what is required to ensure the property title reflects that. What if there is no will? If there is no will or no valid will, A Grant of Administration is required which is a similar process to Probate however the estate is then to be administered according to intestacy rules. Probate, Grants and Beyondstrong> Once Probate has been granted, a form would have to be lodged with Titles Registry for executors to have the property title transferred into their name. How we can assist? We at Heritage Conveyancing can assist with all manner of deceased estate transactions and guide you through the process. |
