Wondering what probate is? You’re not the only one. This article has everything you need to know about probate, so you can get through this period as easily as possible.
If you’ve never had to go through the process of administering an estate, probate is something you need to understand. In this article, we answer common questions, including:
- What is probate?
- How to apply for probate in Qld
- How long does probate take?
- When is probate needed?
- How much does probate cost?
- Are probate fees are tax deductible?
What is probate?
Probate is the Supreme Court’s seal that a will is recognised as valid. It provides the executor with authority to perform their role and administer the estate.
Probate is usually required by organisations like banks and shares registries before they will release estate funds for distribution to beneficiaries.
How to apply for probate in Qld
Applying for probate can be complicated. There are a number of documents that must be completed and filed with the Supreme Court.
The process of applying for probate is generally handled by an experienced legal specialist.
The Queensland Government recommends seeking out a qualified practitioner, either from a private practice or through the Public Trustee of Queensland, to help you navigate the process.
How long does probate take?
If you are a beneficiary or executor of an estate, it’s important to understand how long the probate process can be. It can take anywhere from 2 – 3 months to obtain probate, depending on many variables. The probate process includes:
- Advertising the executor’s intention to apply for probate in newspapers
- Notifying the public trustee of the executor’s intention to apply for probate
- After a period of two weeks, the executor may then file an application for probate
- Probate is usually granted by the Supreme Court within 4-8 weeks, depending on how busy the registry is.
When is probate needed?
Probate is not necessary in all cases. If you are unsure whether you have to probate a will, it is important to note that probate is not usually needed where:
- total assets held with a bank or other financial institution are less than $50,000; and
- there is no real property to be transferred; or
- there was real property which was held as joint tenants.
Contact us today for a free consultation to discuss whether it will be necessary in your circumstances to apply for probate.
How much does probate cost in Qld?
Costs for applying for a Grant of Probate in Queensland can vary, based on whether the application has any unusual elements, and who you get to prepare your application. As a minimum, you can expect it to cost anywhere from $3,000-$4,000, and it can be more than that if the application isn’t standard.
Are probate fees tax deductible?
If you are expecting a probate payment, or in other words, a gift from an estate, you are not normally required to pay tax on the money you receive.
Probate fees are also paid by the estate prior to any probate payment. Accordingly, probate fees are not tax deductible.
For specific advice for your particular circumstances, contact us today.
Are you named as an Executor of a will? It may seem like a daunting process. At Qld Estate Lawyers, we can help make the administration process stress-free. Contact us for a free consultation today.