What is probate?
We are often asked – What is probate?
Well, firstly you need to have a will to ensure that on death your property passes to those whom you wish to benefit.
And the first part of a Will is to appoint Executors. These are individuals, usually two people but no more than four whom you would trust to carry out your wishes in the event of your death.
When you then pass away, those Executors have to make an application to the Court for formal authority to act on your behalf in conducting your financial affairs and putting into effect the terms of your Will. The Court then grants Probate or authority to those Executors.
Once Probate has been granted, the Executors can then collect in monies held by Banks or insurance companies and dispose of or sell any property to enable them to divide the estate in accordance with your wishes.
So Probate is basically an official form of authority granted by the court to your executors.