The Probate process

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

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 estate of the person who has passed away.

The executor collects information about the person who has passed away assets (like property, bank accounts, and investments) and debts (such as loans or bills).

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.

Any debts and taxes owed by the person who has passed away are paid from the estate. This includes things like outstanding bills and inheritance tax.

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.

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.

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