What is Probate and Estate Administration?
When a person dies, it is necessary to receive permission from the Supreme Court of New South Wales for a executor to commence acting for the deceased’s estate. The grant issued by The Court is called probate.
Probate enables an executor to gain access to the deceased’s bank accountants, superannuation funds, real estate, shares, any other property owned by the deceased, including personal property such as a stamp collection. Most importantly it enables a trustee to commence acting on behalf of the estate.
When an executor commences acting on behalf of the estate, the process comes to be known as estate administration. Estate administration involves collecting and managing a deceased’s assets. Therefore, if the deceased is owed: compensation; money; or, damages, the executor can sue to recover monies.
The time total time taken to administer an estate will depend upon the size and complexity of the estate. Estate administration can take anywhere between 6 months to several years or more.