Probate is the order that is made by the Supreme Court of South Australia authorizing an executor and trustee of a Will to transfer assets of the deceased to the beneficiaries.
For example, if the deceased died leaving real estate in their name, a Grant of Probate is required from the Court to enable the real estate to be transferred into the name of the beneficiaries. Similarly, any asset that is registered in the name of the deceased (e.g. shares, bank accounts, investments etc.) need a Grant of Probate which can be presented by the executor of the estate to the relevant authority, authorizing that authority to then deal with the asset at the direction of the executor.
Generally, the first step is to have the asset transmitted into the name of the executor. Once it is in the name of the executor, the executor can then transfer the asset to the beneficiary.
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