Grant of probate - what happens next

S

SCOTTPLASMA

Registered User
Messages
27
Hello. Thanks to the guidance from this forum we have managed to summit the application, passed the interview and received a grant of probate. There are 2x executors. ca24 form I think is on its way to revenue from probate office. Hopefully no surprises as already paid any property tax due and the deceased was on a widowers pension with no liability. There is one property that both adult children inherited a equal share. One child wants to buy the other out and they have agreed.

Just say the ca24 comes back with nothing due.

What happens next? Does the executors manage the process of the sale of the house and the transfer from one sibling to the other or is the executors role complete etc?

What happens with the deeds ? Do they go into both kids names first and then transfer from one to the other ?

What type of timeline should we expect for a response from the revenue ?

Any other advice or tips appreciated

Thanks

C
 
Was there a will ?, If you received a grant of probate then you will have sworn to fulfil all terms of the will, you also would have had to place a valuation for the house in the paperwork, the deeds I suggest but Im no lawyer should go into the joint names first to comply with your legal obligations, that said this is now a conveyance so suggest you refer to a solicitor now, ideally one who can represent you as holders of the grant and the siblings inheriting, a larger firm can have two separate solicitors acting for you.

The CA 24 will come back quickly.
 
Usually the CA24 is agreed before grant of probate is granted, no?
 
They agreed everything and had to prove everything that was on the ca24 form. The registrar said everything was ok and the clerk mentions the grant letter will be sent out. My understanding was the CA 24 form now goes to revenue and the executors have to deal with them directly. Pay any tax owed and then distribute the asset. Maybe I have picked up something wrong
 
Is this what is happening?

There is an estate?

There are two beneficiaries?

The estate is worth how much?

There is or there isn't a CAT liability?

There is a house- currently held in the name of the deceased to go to both and one will buy the other out?

If I'm right so far, for God's sake, will you get a solicitor to finalise the estate!

They'll review the deeds and by Deed of Family Arrangement/ or vesting, the executor will sort out transferring the interest of the deceased into the name of the beneficiary who is buying the other out, with the consequent stamp duty.

Under no circumstances attempt this without a solicitor.

There are new Probate rules as at 1.11.2019- which seek to simplify the process with Revenue- yet to be tested.

mf
 
The Grant of Probate gives the executors the legal power to deal with the estate within the terms of the probated will and in accordance with their obligations as executors.

One copy of the CA24 goes to Revenue.
If it looks likely that any beneficiaries may be potential candidates for capital taxes they may expect to hear from Revenue.
Strictly speaking these are self reporting taxes.
If a bequest is within a certain percentage (80% ?) of the relevant capital tax threshold a return to revenue is required even if only to get a "nil" return.

I cannot endorse mf1's advice strongly enough about instructing a solicitor to deal with the house asset.
 
Separate issue - but was one of the beneficiaries resident in the bequeathed house ?
If so, there may be a CAT exemption if they satisfy certain conditions.
See link below for exemption information from Revenue :
[broken link removed]

If seeking the exemption I think that you are required to do so formally with Revenue.
 
Sorry for late reply. One of the Benefactors (sibling) who is buying the other person out has a solicitor and the deeds are now with that solicitor. There has been a delay of over two years since July 17 since the house was valued at date of death to the grant. The sibling who is buying the other sibling out has been living in the home for circa four years and has in the last year done a good bit of updating bathrooms/ kitchen and decorating. I suspect there will be an increase in valuation but it is in Leitrim so minimal enough I suspect. From your advice I take it that the other sibling should engage a solicitor ? I presume revenue will contact us for a up to date valuation ? Thanks
 
Answered the questions. Thanks mf


Is this what is happening?

There is an estate? Yes

There are two beneficiaries? Yes

The estate is worth how much? 231000

There is or there isn't a CAT liability? The house was valued at €220000. The sibling living in the house since the death ( July 17) has updated two bathrooms, new kitchen, fixed a bad chimney leak and has painted indoors (a new baby in the house so nesting effect). I say that will add to the valuation when revalued.

There is a house- currently held in the name of the deceased to go to both and one will buy the other out? Yes

If I'm right so far, for God's sake, will you get a solicitor to finalise the estate! Yes do both benefactors need separate solicitors. One sibling has already a solicitor engaged as mortgage involved. The solicitor has the deeds.

They'll review the deeds and by Deed of Family Arrangement/ or vesting, the executor will sort out transferring the interest of the deceased into the name of the beneficiary who is buying the other out, with the consequent stamp duty.

Under no circumstances attempt this without a solicitor.

There are new Probate rules as at 1.11.2019- which seek to simplify the process with Revenue- yet to be tested. Fingers crossed.

mf
[/QUOTE]
 
Everyone involved should be separately represented. Where no solicitor was used in the Probate, the buyer's solicitor may be able to organise separate representation , at nominal cost, for the other beneficiary and the executor.

If the executor and other beneficiary are resolute on not being represented, the buyer's solicitor will make it very clear to each that s/he takes no responsibility for their actions.

The executor is carrying through on Probate and, now, on beneficiaries' instructions.

There are a few ways of carrying through:

1. The executor vests the property in both names and then the buying beneficiary buys out the other beneficiary.
2. All the parties enter into a Deed of Family Arrangement.

Whatever way it happens, account has to be taken of taxes that may arise - CAT ( which does not seem to arise on the Probate but may arise if the buyer is paying less than market value) , CGT- the increase in value of the property since date of death and stamp duty .

And no, Revenue don't contact anyone- the taxes are self reporting but Revenue may pick up when stamp duty is paid and ask for explanations.

mf
 
mf1 said:
Everyone involved should be separately represented. Where no solicitor was used in the Probate, the buyer's solicitor may be able to organise separate representation , at nominal cost, for the other beneficiary and the executor.

If the executor and other beneficiary are resolute on not being represented, the buyer's solicitor will make it very clear to each that s/he takes no responsibility for their actions.

The executor is carrying through on Probate and, now, on beneficiaries' instructions.

There are a few ways of carrying through:

1. The executor vests the property in both names and then the buying beneficiary buys out the other beneficiary.
2. All the parties enter into a Deed of Family Arrangement.

Whatever way it happens, account has to be taken of taxes that may arise - CAT ( which does not seem to arise on the Probate but may arise if the buyer is paying less than market value) , CGT- the increase in value of the property since date of death and stamp duty .

And no, Revenue don't contact anyone- the taxes are self reporting but Revenue may pick up when stamp duty is paid and ask for explanations.

mf
Click to expand...
Thanks Mf much appreciated for all your help and answers. Will contact our solicitor
 
You must log in or register to reply here.
Back
Top