What Does Probate Mean?

It can be overwhelming while you are looking at your funeral pre planning options in Wodonga. You might come across different terms and concepts that you may not fully understand. One concept that you may not fully get is probate. The goal here is to help you understand everything that you need to know about probate, so that you can better understand this process.

What Does Probate Mean?
The first thing to address is what probate actually is. Probate is the term that is used to describe the legal process of what is required prior to the deceased person’s estate being able to be distributed to their beneficiaries. This process can typically take between 6 and 12 months to complete, depending on the assets that require attention. For instance, if there is a home or other property that needs to be sold before distribution, probate will take longer. This process will also look over the validity of the will as well as who is responsible for the estate.

When Is It Necessary?
Probate is usually required when the deceased person leaves behind specific types of assets. If there’s any money in the bank account, probate may be required before the money is released to the executor. However, this will only happen if the amount of money in the bank exceeds a certain threshold. If the bank account has a smaller amount of money, you might just need a copy of the death certificate and the will to get the money. Every financial institution will have their own policies regarding this, so you might need to ask them directly. 

Another situation where probate may be required is if the will is contested. Probate will take the time to make sure the estate is handed over to the right person according to their look at the case.

What’s Involved with This Process?

Every situation is different, which means that the probate process may not be the same for everyone. For the most part, you can expect these tasks to be part of the probate process:

●    Apply for the Grant of Probate for those larger estates.
●    Appoint the Will’s executor.
●    Claim insurance benefits and superannuation.
●    If there is no surviving spouse, they will value, manage, and sell any property.
●    Cancelling the deceased person’s driver’s license.
●    Transfer the ownership or sell the vehicle.
●    Pay any outstanding bills or other liabilities.
●    Determine any beneficiaries and then distribute the bequests.
●    Closing any accounts

These are just some aspects of the process that needs to happen for probate.

Pre planning funerals can be a stressful process, but one that Conway Funerals can help you with. They can walk you through everything that needs to be covered during this process to help make this process seem a loss less stressful. The good part about pre planning your funeral is that you can give your loved ones one less thing to worry about after you pass. Everything will already be handled, so that they can be free to grieve.