What is a probate estate and why do I need to open one?
An estate is the process through probate court in which an executor, administrator or commissioner (otherwise known as the fiduciary) is given legal authority to collect and preserve the assets of a deceased person. The probate estate provides for the payment of outstanding debts, payment of taxes and the distribution of remaining assets to the persons entitled to them under the decedent s Will or by law. The estate of the decedent includes all property that he or she owned at the time of death and it is up to you to determine what must be included in the probate process.
Related Questions
- The estate has accounts held across multiple states in Australia. Is the Probate issued in one state enough to close all accounts with the CBA?
- If an estate requires probate is the family able to obtain assets from the estate before the probate is completed?
- What assets are included in the probate estate?
