Settling your estate with Probate

Probate is the process of dealing with the estate of someone who has died. A Grant of Representation is required to give you the legal right to deal with the deceased’s assets. 

When there is a valid Will, the Grant is issued to the Executors by the Probate Court and it is called a Grant of Probate. 

If there is no Will, the Grant is issued to the next of kin under the Rule of Intestacy and it is called a Grant of Letters of Administration.

Probate can often be a complicated process that comes at a time when you are already dealing with a devastating event in your life.

The Probate process is governed by law and usually includes the following:

• Settling all the debts and expenses.

• Obtaining the Grant of Probate or Letters of Administration from the Probate Registry.

• Determining the assets of the deceased and their value.

• Paying the gifts as directed by the Will

• Distributing what remains of the estate to the beneficiaries in accordance with the Will or the Rules of Intestacy (if there is no Will)

• Preparing Estate Accounts.

• Closing accounts and collecting in the assets.

• Ascertaining whether there is enough money available to pay the deceased's debts.

• Completing Inheritance Tax Forms for HMRC confirming if any tax is payable

• If Inheritance Tax is due, settling the payment with HMRC (all or part payment needs to be paid before the Grant of Probate is issued) 

Here at Evergreen, we would strongly recommend making a will to help your loved ones when the time comes