Did You Know : Probate
What is it?
Probate is the legal term given for an application for an Order of the Court giving the Executors and Trustees the authority to dispose of the deceased's estate in accordance with the terms set out in their Will.
It is important to remember that Probate can be applied for even in the event that the deceased died Intestate without a Will. In such an instance, your executors will apply for Letters of Administration.
When can we apply for it?
Any time after the deceased's death. However, if you submit your application later than 6 months after that date then your estate will be fall foul to penalties and interest in the event that there is an IHT liability.
How do we apply for it?
Your Executors will have to submit an application for Probate to the local Probate Registry. They will have to provide your death certificate, an estate account and payment of the IHT liability.
What is the affect of Probate?
Until you have been granted Probate over the deceased's estate, you are not allowed to distribute the assets of the estate to the deceased's intended beneficiaries.
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