PROBATE FAQ

A.1 Probate is the legal process that allows a person known as an Executor to deal with the estate of the deceased and vest the various assets in the beneficiaries.

A.2 Currently it can take approximately 6 months for Grants of Probate to issue.

In Short, No. A Grant is not usually required where assets are held jointly or in estates comprising of a Bank account with less than €25,000.00 held in the sole name of the deceased.

A.4 If assets are held in a foreign jurisdiction then legal advice should be sought in that jurisdiction. In particular, it should be confirmed whether the deceased made a foreign Will.

A.5 The primary taxes to be aware of in Probate scenarios are:-

• Capital Acquisitions Tax;

• Capital Gains Tax; and

• Stamp Duty.

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The taxes payable (if any) will depend on individual circumstances and tax advice should be sought as early as possible.

A.6 Where there is no Will (Intestacy). The assets will be divided according to Part VI of the 1965 Intestacy Act.

• If an Intestate dies leaving a spouse and no issue, the spouse shall take the whole estate.

• If an Intestate dies leaving a spouse and issue, the spouse shall take two thirds of the Estate and the remaining one third shall be divided Between the issue.

A.7 You can cancel a Will as follows:-

i. By making a new Will,

ii. by getting married – (this automatically revokes the original Will)

iii. by destroying the Will (if a Testator decides to destroy a Will a record of this intention should be communicated to a solicitor in the event of any confusion).

A.8 Usually the deceased bank or credit union will release funeral costs from the deceased’s bank account on production of an Invoice from the funeral home and a copy of the death certificate.

A.9 When a deceased has not made a will, the process to distribute the assets is called Administration and a Grant of Administration issues instead of a Grant of Probate.