Probate

Probate is a legal process that takes place after someone dies and usually involves several steps. It is generally overseen and accomplished by the executor if there is a will, or by a court appointed representative if there is not. Though state laws vary, probate typically includes:

1.    Identifying and inventorying the deceased person's property.

2.    Accounting and appraisal of the property.

3.    Payment of taxes and creditors.

There is no statutory requirement that probate be obtained in every case, but to ensure that a person seeking release of assets (e.g. bank accounts) has authority to deal with them and to protect themselves against possible liability for handing assets to the wrong person. Asset holders (e.g. banks, insurance companies or superannuation funds) may require probate before releasing or transferring assets. However, they will often release modest amounts without the need for probate to be obtained. Real estate held solely in the name of the deceased person or as tenant in common will always require a grant in order to deal with it.