Probate

A BRIEF GUIDE TO PROBATE

WHAT IS A GRANT OF REPRESENATION?

A grant of representation is a document issued by the court which enables the person or persons named in it to deal with the assets and belongings of the Deceased. It allows the money held in financial institutions to be collected in, property to be sold or transferred and debts to be paid. There are two main types of grant of representation.

• Probate – this is granted to the Executers named in the Will; or
• Letters of Administration – this is granted when the Deceased did not leave a Will

All these documents give the same authority to administer the Estate.  The persons named are known as the Personal Representatives.

WHAT IS THE PURPOSE OF THE GRANT?

The grant is proof that the person or persons named in it are entitled to collect in and distribute the monies or other assets of the Deceased and may be produced to those organisations holding the Deceased’s assets.

INHERITANCE TAX

An Inland Revenue Account has to be completed and Inheritance Tax calculated and paid. There are different types of accounts depending of the size and complexity of the Estate. Sometimes there will be no Inheritance Tax payable.

The Inland Revenue Account will be completed on the basis of the information received as to the assets and liabilities of the deceased as well as the deceased’s transactions up to seven years prior to the date of the death. Personal Representatives are liable for the payment of Inheritance Tax and can be personally liable if the Revenue Accounts are incorrect.

DISTRIBUTION OF THE ESTATE

Once the Grant has been obtained the Personal Representatives can collect in the assets of the Estate advertise for and pay the debts of the Estate, pay any legacies and thereafter distribute the residuary estate.

Before the administration of and estate can be completed estate accounts need to be prepared and distributed to the beneficiaries for their approval..

Please note that this note is intended to be a brief guide only to the probate process and should not be used or relied as  authoritative on the law of probate.