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Balance Retirement & Aged Care Specialists

Estate Management & Planning

Balance Estate Management & Planning is a boutique company that specialises in probate and letters of administration services in NSW currently. Our core client base focuses on clients and families that we have helped move into residential aged care under the Balance Financial Group banner. While we are happy to help all families with probate services, our clients predominately are families trying to retrieve funds from their loved ones estate from residential aged care homes.

What is Probate?

Balance helps executors apply for the Grant of Probate or Letters of Administration if there is no will. Balance apply for the Grant of Probate on behalf of the executor and also assist in the work involved in calling in all the assets, paying any liabilities, distributing the estate, contacting and dealing with the financial institutions as well as aged care facilities.

Probate is the Supreme court of NSW giving the “rubber stamp” to executors to enable them to proceed and distribute an estate. While traditionally probate was conducted by solicitors, but the process can be conducted by any specialist as it is more administration type work.

Why choose Balance?

The Probate industry charges for Probate and administration on an Ad Valorem basis (meaning with value), where Balance believe that it is not fair to charge an estate more, simply because the estate is worth more. The fees should be based on the amount of work involved not the value of the estate. At Balance we charge a flat fee to save the estate money and allow the beneficiaries to inherit more from the estate.

When is probate required?

Probate is required when:

  • Any estate where the deceased had owned real estate in their name only
  • Financial institutions (e.g., Bank) with an account balance over $50,000
  • If a property was owned as Tenants in common (as opposed to being owned jointly)
  • If a deceased person had paid a Lump sum Refundable Accommodation Payment (RAD) in residential aged care
  • If the deceased person had superannuation where the death benefit was nominated as being left to the estate or the superannuation trustee has decided to pay the benefit to the estate.

Any assets owned jointly with another person do not go through Probate but are mentioned in the application for Probate.

Preparing For Probate

Grieving for the deceased is always hard and therefore being prepared a ahead of time makes it easier emotionally. If you have provided all the financial details to Balance ahead of time, then the process is less stressful when that day comes. Once the love one has passed, Balance will only need the death certificate (which the funeral director normally arranges) and the original will.

If you would like to learn more, please follow the link below otherwise if you have any further questions, please contact our probate managers on 1300 556 287.

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