A probate definition and short explanation

A probate definition and short explanation

Theprobate definition is "the legal process in which a will is reviewed to determine whether it is valid and authentic. It also refers to the general administering of a deceased person's will, or the estate of a deceased person without a will."

Before a person dies they can write a will, in which they explain how they want their estate to be divided upon their death. They will usually name an executor, who is responsible for carrying out their affairs after they have passed. The executor must apply to the High Court to be issued with documents that give them the right to deal with the deceased's estate, such as closing a bank account or selling property or shares, known as a Grant of Administration.

These Grants of Representation cover particular circumstances, but the most common are for when a person dies with a valid will, or without. The executor is issued with a Grant of Probate if a valid will exists. If a person dies without a valid will, or if their executors have also died, they are known as dying 'intestate'. In this case the person charged with dealing with the estate is known as the administrator.

In the absence of a will, the estate is divided in accordance to statute and common law. Elements of the deceased's possessions, for the purpose of administration, are considered to be outside the estate. Houses are included in this, if they are jointly owned, because they pass over to the survivor. Also excluded from the estate are discretionary death benefits from pension funds, accounts with certain financial institutions and proceeds of life insurance policies.

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