Victoria, often abbreviated as Vic, is the second most populous state in Australia, with a highly diversified economy driven by multiple sectors. Despite having the second smallest land area in the country, the state is lauded for its unique attractions, which showcase some of the most beautiful landscapes and sceneries. Victoria also hosts events throughout the year, so no matter what time or season it may be, the festivities are ever-present.
While the topic of death may seem morbid in the face of a lively state culture, the reality is that when a person dies, you may have to apply for what is known as a probate vic. Probate is a court-supervised process that grants an executor the authority to sort out the deceased’s assets and finances based on his or her will – essentially, it is a court process that authenticates the will.
Similar to other states and countries, Victoria has its set of legal rules on applying for a probate, which can make the process quite tricky. The entire probate process can be complex but, in some cases, necessary, so it is important to learn about it if you are to be an executor.
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What is ‘a grant of probate’?
When a person passes, he or she will be leaving an estate consisting of his or her possessions, which the executor will need to sort out and distribute. If the person who died left behind a will, you will need to apply for a grant of probate, but if not, then you would need to apply for a grant of letters of administration instead. Generally, however, the term ‘probate’ is used to refer to these two instances that involve a document used to manage one’s estate.
When to get it?
Getting a probate vic is not required for all estates, and each state will have its rules on how to determine this. In cases where there is jointly-owned property, shares, or money, then a probate will not be needed as it will automatically pass on to the deceased’s spouse or partner or the surviving owners. If you are unsure of whether you need to apply for a grant of probate, you can always seek help from legal consultants who can assist you.
Who can get it?
Not everyone can apply for the probate as it is limited to the people who are authorized to deal with a deceased person’s estate. If you are explicitly named as an executor in the will, you will be allowed to apply for one. If there are multiple executors named, then you will all have to agree on who will handle the legal matters.
However, if there is no will left, then an administrator, who can be the deceased person’s spouse, civil partner, or child, will be tasked to handle the estate. Though you are applying for a grant of letters of administration, the process will essentially be the same.
How to get it?
When applying for probate, you can choose to do it on your own or get help from a specialist. It is often assumed that the latter option will mean that you need to shell out a significant amount of money, but in reality, the opposite is true. If you are unfamiliar with the probate process, hiring a legal specialist will be more cost-effective since you can be sure to follow all the legal steps correctly.