‘Probate’ is the part of the process when someone dies which involves applying to the court (Probate Registry) for permission to deal with someone’s estate. If the Probate Registry grants permission, then they will issue a grant. Any inheritance due in order to get the grant will also need to be paid prior to the grant being issued.
For more information about applying for a grant of probate/letters of administration please have a look at our article: What is Probate? – Futurity Wills and Estates – Legal Advice
Dealing with someone’s estate can be confusing, and one of the first questions we are often asked is ‘Do I need probate?’. One common misunderstanding is that it is not necessary to apply for probate if there is a Will. The requirement for probate does not in fact depend on whether there is a Will. It is not always necessary to apply for probate, whether or not probate is required very much depends on the individual estate, the assets involved, the value of those assets and the way that they are owned.
If there is a property/land in the deceased’s sole name, then you will need a Grant of Probate (if there is a Will) or a Grant of Letters of Administration (the term used where there is no Will) in order to sell or transfer the property.
If the deceased held a property in joint names, then whether or not probate is required will depend on how the property is owned. If the property is owned as joint tenants, then the property will pass by Survivorship outside of the Will to the surviving joint owner without the need for probate. If the property is instead owned as tenants in common, then the deceased’s share of the property will pass under the terms of the Will or under the intestacy rules (if there is no Will) and a grant of probate will be needed.
Bank accounts in joint names will pass to the surviving joint owner without the need for probate. Often therefore, when the first of two partners die, there is no need for probate IF all assets are owned in joint names.
If there are bank accounts, shares or investments in someone’s sole name, then whether probate is required will depend on the value of the asset held and the rules and requirements of the individual bank/company involved.
We are always happy to talk to you about what is required and help you come up with a plan of action.