Probate is the legal process that takes place after a person’s death to determine who is authorised to manage their estate, settle debts and taxes, close accounts, deal with any property or business interests, and distribute remaining assets. If there is a Will, the Executors handle the estate according to its terms; if there is no Will, the rules of intestacy apply to decide who can administer the estate and who will inherit.
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When a person passes away, somebody needs to be authorised to deal with their estate. If the deceased left a Will, the appointed Executors will have this authority. If there is no Will, then the rules of intestacy will determine who can apply to be the administrator of the estate.
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Whether there is a Will or not, the people who are due to receive their inheritance from a deceased’s estate, have an option to rearrange it. If they do not wish to receive it themselves, they may give it to somebody else or they may create a Trust.
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Estate Administration is a process to finalise a person’s affairs after their death. This includes identifying the assets and debts, reporting and settling taxes, closing accounts, selling property and possessions, and then distributing anything that is left in accordance with the Will or the Rules of Intestacy.
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Probate is a legal term to describe what happens after a person’s death, such as establishing who is entitled to handle the process, closing accounts, settling debts, selling property, winding down a business, and then distributing any assets left.
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