Broadly the key factors in determining whether probate will be required, include the following:
- Did the deceased own any real property that may need to be transferred on title? (if yes, then often this will mean probate is required, unless the only property was a family home, owned as joint tenants with a surviving spouse)
- Were there any assets (eg cash at bank, shares, insurance policies, care facility bonds etc) with a value of more than (say) $300,000? (if yes, then often this will mean probate is required)
- Is there a risk that the estate may be disputed in any way? (if yes, then often this will mean probate should likely be obtained)
- Have any third parties requested a grant of probate or are they likely to in the future?
Learn more about how you as an adviser can facilitate the probate and estate administration process by emailing View at solutions@viewlegal.com.au or reviewing our Probate Solutions Toolkit via your community dashboard here.