The Probate process

1. Start with a Will:

If the person who passed away (the deceased) had a will, it usually names an executor. This is the person responsible for carrying out the deceased’s wishes regarding their assets.

2. Applying for Probate:

The executor must apply for a document called a “Grant of Probate” from the Probate Registry. This grant gives them the legal authority to manage the deceased person’s estate.

3. Gather Information:

The executor collects information about the deceased’s assets (like property, bank accounts, and investments) and debts (such as loans or bills).

4. Valuing the Estate:

The value of all the assets and debts is calculated. This is an important step as it determines whether or not inheritance tax needs to be paid.

5. Settling Debts and Taxes:

Any debts and taxes owed by the deceased are paid from the estate. This includes things like outstanding bills and inheritance tax.

6. Distributing Assets:

Once debts and taxes are settled, the remaining assets are distributed according to the instructions in the will or, if there’s no will, according to the rules of intestacy.

7. Final Accounting:

The executor provides an account of how they’ve managed the estate to the beneficiaries and the Probate Registry. This includes a detailed list of assets, debts, and how everything was distributed.

8. Closing the Estate:

After all these steps are completed, the estate is considered “wound up,” and the probate process is finished.