Probate


Probate

Free Probate Advice

Probate is the legal term for the process involved when administrating a deceased person's estate. An estate can involve a range of property, finances from assets or insurance polices and any business interests such as shares in businesses .

 

If a will has been made this is a relatively straightforward process, which should be easily completed without anyone suffering any legal problems or unnecessary charges. The executors which are named on the will will need to start the process of dealing with the estate in line with the wishes stated on the will. The first step is applying for a ‘grant of probate' from the Probate Registry.

Once this is received the executor has the legal right to deal with the estate, this document may be requested by banks, businesses and insurers. The next step would be to contact the beneficiaries of the will and transfer the assets such as money or property to them. The beneficiary would be responsible for paying any inheritance tax if appropriate.

The probate process can be more complicated when there was no will! If there was no will or the will did not state an executor of the estate then the next of kin or close relative of the deceased must apply to the Probate Registry for a “grant of letters of administration” and if approved they become the administrator of the estate (not the executor). The letter of administration is required when contacting banks, businesses and insurers and many will not let you deal with the estate assets without one.

The administrator of the estate will then be responsible for dividing the assets and sharing them out between the next of kin and close relatives according to the probate laws, even if the administrator knows that this is not what the deceased wanted.

If there are disputes between the parties which are named in the will, or perhaps a child or spouse of the deceased is not included in the will for various reasons it may be possible to contest the will in some situations within the first six months. It is also possible to contest the decision made by the law when dividing the estate in the instance of there being no will. This will require legal assistance and may prove time consuming and expensive. .

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