A court document confirming a will is valid and giving the executor authority to deal with the estate.
What it means
Probate is a grant made by the Supreme Court that officially recognises a will as valid and confirms the executor's authority to administer the deceased's estate. Banks, share registries and other institutions often require a grant of probate before they will release the deceased's assets. Not every estate needs probate — it generally depends on the value and type of assets involved.
How it's used
The bank refused to release the $200,000 term deposit until the executor produced a grant of probate.
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