

What is Probate?
Probate is the legal process through which a deceased person's estate (assets and liabilities) is administered and distributed to the rightful beneficiaries. This involves validating the deceased’s will (if one exists), settling debts and taxes, and distributing the remaining assets according to the will or, if there is no will, according to intestacy rules.
Steps in the Process
1. Initial Consultation and Document Collection
Initial Meeting: The solicitor will meet with you to discuss the deceased's estate and gather the necessary documents. These usually include the original will, death certificate, and any details on the deceased's assets (such as property, bank accounts, investments) and liabilities (like loans or unpaid bills).
Legal Advice: The solicitor will explain the probate process to you, including any potential legal issues that might arise. They will also clarify your role and responsibilities.
2. Valuing the Estate
Identifying assets: All assets will be identified in the estate, which can include property, bank accounts, shares, personal belongings, and any other investments.
Valuation: The assets need to be valued, which might involve professional valuations for property or shares. This step is crucial for determining if inheritance tax (Capital Acquisitions Tax or CAT) applies.
Simple Probate helps you easily gather and share estate details, and see an overview of the estate at all times.
3. Probate Application
Preparing the Application: Your solicitor will prepare the necessary paperwork to apply for probate. This includes drafting various oaths, affidavits and documentation that you will be required to sign.
Submission to the Probate Office: The solicitor will submit the application to the Probate Office, which is part of the High Court in Ireland. They handle all interactions with the court and ensure that the application meets all legal requirements. This can take up to 6 months to be processed within the probate office.
4. Grant of Probate
Issuance of Grant: Once the Probate Office processes the application, they will issue a "Grant of Probate." This legal document gives your solicitor the authority to manage and distribute the deceased's estate according to the will.
5. Managing and Distributing the Estate
Collecting Assets: With the Grant of Probate in hand, your solicitor will start collecting the assets. This could involve transferring property titles, closing bank accounts, selling shares, and gathering other assets.
Paying Debts and Expenses: Any outstanding debts and expenses will need to be paid using the estate's funds. This includes paying any loans, bills, and funeral costs.
Inheritance Tax: Tax will be calculated and arranged for the payment of any inheritance tax (CAT) due. This will ensure all tax obligations are met before any distribution is made to the beneficiaries. It's important to know that your solicitor is a solicitor and not a tax advisor, any queries surrounding tax should be answered by a tax advisor.
6. Distribution to Beneficiaries
Final Distribution: After all debts and expenses are paid, the solicitor will distribute the remaining assets to the beneficiaries as outlined in the will. They will handle all paperwork and legal formalities required for transferring assets to the beneficiaries.
Final Accounts: The solicitor may prepare a final account of the estate, detailing all transactions, distributions, and expenses. This account is usually provided to you and, in some cases, to the beneficiaries.
7. Closing the Estate
Closing the Estate: Once all assets are distributed, and there are no outstanding issues, the solicitor will close the estate.
Ongoing Support: If any issues arise after the estate is closed, such as a dispute over the will, the solicitor can provide ongoing legal support.
Disclaimer: Please note that the information provided in this article is for general informational purposes only and should not be construed as legal advice. It is always recommended to consult with a qualified legal professional for advice tailored to your specific situation. No liability whatsoever is accepted by Simple Probate from any action taken in reliance of the information contained on this website. |