Probate is the best possible solution to pass the assets of the deceased to its heirs and other beneficiaries. Sometimes we feel that probate is the complex and costly process but in fact, it is a normal process of formalities for passing the assets. But aging, one question arises that do I need probate or not. The answer is simply that it completely depends on the type of property, how it is owned and the State laws under which it comes.
Firstly we need to understand Probate law:
Though it sounds complex it is a legal procedure of passing the assets to the heirs. It also depends on the size of the assets, for example for the estate owners, the probate might sound a difficult process but for individuals, it is quite easy and simple process. In other words, it is just a formality in which judge legally announces the assets to be passed on. It does not require Will or last Will.
Some people confuse with the word “Will” and Probate”. But they are two different words and should understand in a separate manner. Probate does not require a Will but in one case, if the person dies and leaves the Will then the probate requires to implement the components of that particular Will.
One question often arises in everyone’s mind is that do all Will require probate. The answer is No. If the person has left the Will or it has arranged in such a manner that manner that it avoids Probate.
Does everything go through Probate? Assets generally don’t go through Probate. In this case, the jointly owned assets usually go to the surviving owners. One more type of assets do not go through Probate are those which are in Trust and the assets which have a valid beneficiary.
When Probate is required
It is required when the complete Estate is in the name of the deceased. It means that the assets of the Estate are in the name of the deceased person. Sometimes the deceased person has no names attached to the Estate then the relatives and other sole heirs must go through the process of Probate to transfer the property in the name of the beneficiaries.
But for all the process of Probate, one must opt for the best professional Probate lawyers.
New way lawyers render quality and timely services. They believe that people are more important than profit. They have dedicated a team of volunteers and employees which helps one through all the difficult time. They are the best Probate lawyers in Brisbane and the experienced team of lawyers they are having is purely unparalleled. For any legal advice on Probate and Estate matters always prefer http://www.newwaylawyers.com.au/