What will happen to your assets? 

After the death of normally a family member, it is the Executor’s responsibility to deal with the deceased’s estate such as property, shares, superannuation, household effects and funds that may be in bank accounts.

As a matter of course, where funds are held in the deceased’s name and exceed $50,000, most banks will insist that before those funds can be distributed to the Executor, a Grant of Probate from the Supreme Court will be required.

What is a Grant of Probate

Basically, a Grant of Probate is an Order from the Supreme Court that the Will of the deceased naming the Executor, is bona fide and correct and on that basis the banks will be relieved of their responsibility in transferring funds to the Executor, and from there the Executor pays out the debts on the estate and the net balance to beneficiaries.

The Application for Probate can be a complex matter and should be dealt with by your Solicitor.

If the estate is relatively small, and there are no funds exceeding the $50,000 benchmark (in the bank account) then traditionally most banks will, after certain documentation has been provided to them and, that documentation is cleared by their estate management section then those funds will be forwarded to the Executor. It is important to bear in mind that if the deceased has a mortgage on his or her property, then the mortgagee will insist that the mortgage is paid out to that lending institution following the deceased’s death.

What if the deceased dies without a valid Will

Although most estate matters are not complex there can certainly be issues if the deceased dies WITHOUT LEAVING A VALID WILL.

If the deceased dies without a valid Will, then the rules of intestacy pursuant to the Queensland Succession Act are followed, and expert advice in this field should be sought so that the proper Rules are followed and that the deceased’s property is not distributed in a way that is not in accordance with the Queensland Succession Act, otherwise that person or persons handling the estate, could be held liable to disappointed beneficiaries if the proper distribution is not made.

Madden & Co Lawyers have over 30 years in dealing with estate issues and problems, including problems that may arise between the Executors and family members, and the finalisation of estates where a deceased has not left a Will. Accordingly, if you have any concerns in this regard, please contact our Wills and Estate section sending to us your email and we will contact you shortly or phone 0402 807 230 Monday to Friday between the hours of 7.30am to 6.00pm.

Should you wish to send an email inquiry to us, please complete the following short information section and complete the message block and forward that email to admin@maddenco.com.au