The process by which an estate is handled after death is known as probate, but many people do not understand how this works. Probate means that someone – chosen by the person who has died – is given the authority to administer the estate as specified in the Will.
Here at Irwin, Kilcullen & Co Solicitors, we specialize in probate and Wills, and our priority is ensuring that your wishes for your estate are managed clearly. Our team of experienced solicitors can ensure that your Will is watertight to avoid problems for your loved ones after your death, and we can help you to avoid difficulties with the way your estate is executed.
How Does Probate Work?
- All the assets a person holds are frozen upon death, and this will only be reversed when the probate process is completed.
- If you have been named as an Executor in a Will, you will need to apply for a Grant of Probate, although this is not usually needed if the Will concerns a property owned in joint names. In this case, the property will pass to the surviving owner.
- The Will of the person who has died is usually held by a Solicitor of the deceased, and it is much easier if the Executor has contact with the Solicitor, who will then arrange the reading of the Will.
- Next, the Executors and Solicitors must determine the assets, bank accounts and insurance policies that belonged to the deceased. This can be complicated, especially if multiple assets were held, but all assets and liabilities must be disclosed to the Revenue Commissioners.
- An Inland Revenue Affidavit is prepared for the Revenue Commissioners as soon as all enquiries have been completed, and the Executor is required to complete application forms for the Probate Office.
- After the application is submitted to the Probate Office, it will be considered and the Grant of Probate will issue in due course. Once received, the Executor is entitled to collect all the property and assets of the Testator (the person who has died), and distribute these as specified in the Will. At this point, property can be sold or transferred, shares sold and cash withdrawn, according to the terms of the Will.
- If the Testator died intestate (without a Will), it may be necessary to refer to the Succession Act of 1965 to find out who can receive a Grant of Letters of Administration. For example, if a married person dies, their spouse will be entitled to take out the grant.
Find Wills And Probate Solicitors in Cork
If you need to write or amend your Will, discuss your options or create a Living Will, we can help you to do this. Here at Irwin, Kilcullen & Co Solicitors, we focus on Wills and probate law and we are committed to doing our best for our clients. Simply contact us online or call us today on +021 4270934 to see how we can help.