How Much Does an Estate Have to be Worth to Go to Probate?

Queensland does not have a fixed amount or value which automatically requires an estate to go through probate. However, there are circumstances where probate is often necessary:

• Solely Owned Assets: When the deceased held bank accounts, investments, or shares with significant value (often exceeding $25,000 – $50,000) in their sole name, probate is likely required for those assets.
• Real Estate: Probate is generally needed to manage or transfer ownership of real estate owned solely by the deceased.
• Complex Assets: Assets with particular ownership structures or legal requirements might necessitate the probate process for clarity and legal authority.

Also read: Can a Will Be Contested After Probate? Unveiling the Truth

How do I know if I need probate for my estate?

Whether you need to obtain probate for an estate depends on the specific assets within the estate and their value. 

Probate is a legal process that verifies a deceased person’s will and authorises the executor to manage and distribute the estate’s assets according to the will. 

Here are key factors to consider when determining if probate is necessary:

1. Nature of the Assets: Probate is generally required if the deceased owned assets in their name alone that need to be transferred or sold. This typically includes real estate, shares, or large bank accounts.
2. Value of the Assets: Significant assets, particularly those held in financial institutions, often require probate. Banks and other institutions have a minimum value threshold (which can vary) above which they require a grant of probate to release the assets.
3. Requirements of Institutions: Each institution may have its own rules about when probate is required to release the deceased’s assets. It’s advisable to check with each institution (e.g., banks, share registries) to determine their specific requirements.
4. Co-owned Assets: Assets owned jointly (such as a home owned jointly by spouses) generally pass directly to the surviving co-owner without the need for probate.
5. Small Estates: In Queensland, if the estate is small or consists mainly of personal items, probate may not be necessary. Some institutions may release funds or assets under a certain value without probate if provided with a death certificate and indemnity.
6. Type of Will and Its Clarity: Even if the will is clear and uncontested, probate might still be necessary to carry out its instructions, especially for larger or more complex estates.

If you are unsure whether probate is necessary for your situation, it may be helpful to consult with a probate lawyer. They can provide advice tailored to the specifics of the estate in question.

Also read: What to Expect: Cost of Probate in Qld

What happens if the estate is too small for probate?

If an estate is considered too small or consists mainly of personal items and minimal financial assets, it may not require a formal probate process. In such cases, institutions may release funds or assets with just a death certificate and an indemnity.

Also read: How to Apply for Probate in QLD: A Comprehensive Guide to the Qld Probate Application

Do You Need Probate for Your Estate?

Are you unsure if your estate requires probate in Queensland? Walker Pender Group can guide you through the complexities of estate management. Many financial institutions require probate for estates valued above certain thresholds, often involving substantial assets like real estate or significant bank balances.

Let our expert legal team provide the clarity and assistance you need to navigate this process effectively. Contact Walker Pender today to ensure your estate is handled accurately and efficiently, providing peace of mind during this challenging time. Don’t leave it to chance—secure professional advice now!