The value of the deceased’s estate at the date of death, including all joint assets, needs to be obtained
An application sworn by the Executor and an inheritance tax return need to be submitted to the Probate Registry;
Once returned, the grant can be provided to all financial institutions associated with the estate. It will also allow the executor to deal with the sale or transfer of the property (generally, it can take approximately 3 weeks for the paperwork to be processed, taking into account the complexity of the estate and the number of beneficiaries)
What does an Executor need to do?
An executor’s role is a very responsible one, particularly given that they can be held personally liable for any errors within the administration. The executor will need to:
Identify, value and collect in all the assets;
Pay off debts and liabilities;
Calculate and pay any inheritance tax that may be due;
Distribute the estate according to the will and decide when it is most prudent to distribute;
Act as Trustee for any assets that form part of a Trust under a will;
Produce estate accounts
How long will the process take to complete?
The time is dependent on the complexity of the estate; the number of assets held by the deceased and whether any assets need to be sold on are to be held on trust. A simple probate can be completed within several weeks whereas a more complex probate could take a year. It would also take longer if there were any disputes over the estate.
What can a Solicitor do to help?
This can include:
Registering the death;
Interpretation of the Will or advice on intestacy if there is no Will;
Obtaining valuation of the estate assets;
Application for the Grant of Probate or Letters of Administration;
Dealing with renunciation of Probate;
Collection of the estate assets;
Payment of debts;
Distribution of estate assets to beneficiaries;
Calculation and payment of tax (if applicable) and advice on when and how to pay tax and if it is possible to pay by instalments,
Sale or transfer of any property,
Advice on any disputes that arise regarding the estate;
Advice on the drafting and preparation of Deeds of Variation
A specialist solicitor will be skilled, sympathetic, efficient and heavily insured against mistakes. The cost need not be high, and the complex processes made easier to understand and go through. We can assist you with any or all of the above, saving you an immense amount of time and stress. Fixed fees are available for most probate work.
