A Guide to Probate & Property

Understanding Probate

Probate is the legal process that validates a deceased person's will and grants the executor the authority to administer the estate. This includes gathering assets, settling liabilities, and distributing the remaining assets to beneficiaries.

When property is involved, obtaining a professional valuation is essential to determine its market value for tax and distribution purposes.

The individuals responsible for managing the estate under the will are known as executors. If no will exists, the process is referred to as administration, and the estate is managed according to intestacy laws.

 

What is Administration?

Administration applies when a deceased person has not left a will. In this case, the individual(s) appointed to manage the estate are known as administrators. They are usually individuals entitled to inherit under intestacy laws.

 

What is a Probate Valuation?

A probate valuation is a professional assessment of a property's market value, required by the Probate Office as part of the legal process of administering a deceased person’s estate.

 

What is the Date of the Probate Valuation?

Regardless of when the valuation is conducted, the property’s value is assessed based on its market worth as of the date of the deceased’s passing.

 

Grant of Probate/ Grant of Administration

The Grant of Probate or Grant of Administration is the legal document that allows the collection and distribution of a deceased person’s assets:

Grant of Probate: Issued when a valid will exists, enabling the named executor(s) to administer the estate.

Grant of Administration: Required when no will exists. The legal personal representative, known as the administrator, is appointed and is typically an individual entitled to inherit under intestacy laws.

 

Beneficiaries

Beneficiaries are individuals entitled to inherit under a will or intestacy laws. 

 

When Do Beneficiaries Receive Their Inheritance?

Inheritance is distributed once the Grant of Probate has been issued, all estate assets have been liquidated, and liabilities, including inheritance tax, have been settled.In straightforward cases, the administration process typically takes between 9 and 18 months before funds can be distributed.Once the Grant of Probate or Grant of Administration is obtained, financial institutions release the estate’s assets, which are then distributed to beneficiaries.If there are disputes regarding the will or legal challenges, the process may take longer. We provide guidance on expected timelines based on individual circumstances.

 

Capital Acquisitions Tax (CAT)

CAT applies to inheritances that exceed a specified threshold. The probate valuation determines the property’s value for tax assessment purposes, helping establish whether inheritance tax is due and, if so, the amount payable.

 

Capital Gains Tax (CGT)

CGT is applicable to any increase in value between the probate valuation and the sale price of an inherited property. If the property is sold at a higher price than its probate valuation, the beneficiary is liable to pay CGT on the difference.

 

Our Probate Services

At McDonald Property, we offer a range of probate services tailored to your needs:

Probate Valuations: Our experienced team provides accurate and timely property valuations, essential for probate proceedings. We are listed on the valuation panels of major financial institutions, ensuring compliance with all necessary standards.

Property Sales: We understand that selling a property during probate can be a complex and emotional experience. With over 54 years of experience in the Lucan area, our extensive local knowledge allows us to market and sell probate properties effectively, maximising their value and ensuring a smooth sale process.

Guidance and Support: Our team offers clear, professional advice to help you navigate the legal and procedural aspects of probate property transactions, ensuring a seamless process.

 

Why Choose McDonald Property

Expertise: Established in 1971, we are Lucan’s longest-standing Auctioneers, Valuers and Estate Agents, offering unparalleled expertise in the local property market to guide you through the probate process.

Personalised Confidential Approach: We pride ourselves on delivering a professional yet personal service, rooted in integrity, attention to detail, and traditional values.

Navigating probate and fulfilling the responsibilities of an executor require a certain level of expertise and understanding. McDonald Property, in collaboration with your solicitor, can provide the necessary guidance to help you manage these duties effectively.

At McDonald Property, we are committed to providing expert, confidential guidance and support to clients navigating the probate process.

Our experienced team is here to assist you every step of the way, ensuring a smooth and efficient process.

 

Reviews

"We were selling our late father’s Lucan home – it was a probate sale. Fiachra’s knowledge of the Lucan property market is “second to none”. His advice on where to pitch the initial asking price and the eventual target sale price proved to be “spot on”. His management of the marketing and viewing process was superb – as evidenced by the number of buyers who bid on the property. Unlike many agents who see their work as being done when it’s “sale agreed”, Fiachra was in constant contact with all parties (including both sets of solicitors and the mortgage broker) to ensure an easy and fast completion. Communications with Fiachra were outstanding – he’d always fully answer any questions the same day (often he’d respond within an hour). Not only is Fiachra a delight for sellers to work with, but he also has a great rapport with buyers. He really is the true professional who “goes the extra mile”. Thank you Fiachra for your outstanding service and professionalism! Liam Burke

 

"Fiachra McGrath did a fantastic job in helping us sell my mothers house. He was extraordinarily sensitive in dealing with my elderly mother and putting her at ease. He was also very communicative throughout the process, patiently explaining all the steps. Finally he managed to bring the sale over the line for us.” Alex McDevitt

Disclaimer: The information on this webpage is for general informational purposes only and does not constitute legal, financial, or tax advice. McDonald Property makes no warranties regarding the accuracy, completeness, or suitability of the content. We disclaim all liability for any loss or damages arising from reliance on this information. Probate valuation requirements may vary; users should seek independent legal or financial advice before making any decisions.