We know and appreciate that following the death of someone close to you it is an emotional time and whilst still grieving you have to face the prospect of sorting out their affairs.
Probate is the process of an administering the Estate (property and money) of the deceased person.
It is important to note that an Estate can be varied posthumously to save inheritance tax by using a Deed of Variation.
If a person left a Will that document will name the person or persons they wish to be their Executors, they are the people who are nominated to collect in the Estate, pay any taxes, such as inheritance tax and distribute the Estate in accordance with the terms in the Will.
If there is no Will then a person is deemed to have died intestate (without a will) and the person or persons who can apply for Letters of Administration are governed by the Probate Rules.
The initial step is to check the Will for any instructions in relation to the deceased’s funeral.
After that a detailed schedule needs to be put together of the assets and liabilities (debts owed) and the relevant inheritance tax forms are then completed with taxes being paid. Then an application for a Grant of Probate (where there is a Will) or an application for Letters of Administration (where there is no will) is made to the Probate Registry.
If the Court if satisfied with the application it will issue a Grant of Probate or Letters of Administration.
Once a Grant is obtained the Executors or Administrators have the authority to collect in the assets and pay the debts.
If there are no claims being made against the Estate the monies can be distributed in accordance with the deceased’s Will, or if no Will in accordance with the Rules of Intestacy (dying without a Will). The Rules of intestacy set out the distribution of the assets, this may not be what the deceased would have wanted and so it is a reminder that it is always worth making a Will to ensure that your wishes are followed.
