What is Probate:
Probate of wills, granted by the Supreme Court, is required where there are assets in the estate, such as non-joint tenancy real estate and other assets (cash, shares, property etc) to be transferred to beneficiaries.
The executors of the deceased’s estate instruct solicitors to apply for Probate, which cannot occur until after the issuance of the death certificate of the deceased.
The “Titles Office” will not transfer real estate to nominated beneficiaries unless Probate has been granted, banks generally will not transfer funds unless Probate exists; and share registries won’t transfer shares for sale or dividing up, unless Probate exists.
Probate legal costs comprise 3 activities:
Getting the court to issue the Grant of Probate (costs referenced to a scale depending on value of the assets in the estate);
Arranging for the sale of, and calling in, of assets; and
Making distributions to beneficiaries.
These legal costs are agreed in writing by the solicitors with the executors of the will and are paid out of the estate monies, before distributions are made to beneficiaries.