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NSW Probate and Will - Is It Needed?

Discussion in 'Wills and Estate Planning Law Forum' started by jaksprat, 18 November 2015.

  1. jaksprat

    jaksprat Member

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    Hi, my brother and I are the co executors of will for my late father's estate. His total estate estimates at $350 000. This includes a relocatable home ( mobile home village with site weekly rental fees) of value = $150 000 and $220 000 in the bank. The will (drawn up by a solicitor 12 months ago) outlines his estate to be divided into 1/3s between myself, my brother and my 2 children (my brother does not have children). Children's share is to be put into a trust until they reach the age of 21 (they are currently 6 years old). There is no dispute / nor "anybody to come out of the woodwork" to contest the will.

    My concern is the cost of probate and the time taken for this process, which requires payment of ongoing weekly site rental. Is such a small estate free from the need for probate?

    Thank you
     
  2. jaksprat

    jaksprat Member

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    Please note my brother and I also had joint enduring POA
     
  3. Tim W

    Tim W Lawyer

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    That expired upon your father's death.
     

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