Probate.... is it Necessary ?

M

Mapara

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Hi Is probate necessary in the following instance between spouses or is there ever anytime it's not required?

Spouse leaves everything in an estate made up of Cash,Home,Arf,and shares to their Spouse..


Just can't really see what the reasoning is for probate to be carried out when assets are transferred between spouses other than business for a solicitor, or am I missing something??.
 
If all the assets are in joint names, Probate is (generally) not necessary.

If assets are not in joint names, Probate is needed. Surviving spouse can deal with Probate themselves, leaving pesky solicitors ( I’m one of them) out of the frame.

mf
 
I believe the threshold for assets not in joint names is €25k, but you would need to prove this to any financial institution where assets are only in the name of the deceased.
 
An uncle leaves his house to a nephew who is separated. The nephew is delighted, as he's been living with his mum up until this fortunate event took place. House is worth aprox €175k and the nephew says he's going to live there for life, and not bother with probate, etc. No one in the families concerned have objections whatsoever to any of this. Nephew says he'll have no inheritance tax, etc, to pay this way. There's no solicitor involved, no mortgage, deathbed decision, with money, other goods left to another relation. I'm wondering what "potholes" await him on this journey?
 
An unwise course of action.

He is evading CAT.

The Revenue have many ways to know about things.

Quick first point - how will he pay the LPT?
 
Protocol said:
An unwise course of action.

He is evading CAT.

The Revenue have many ways to know about things.

Quick first point - how will he pay the LPT?
Click to expand...
I have no idea. Just know this particular situation has taken place.
 
That's mad, Ted........................

Pothole.

A little issue called interest accruing on unpaid CAT springs to mind?

I know whenever anyone says to me - ah sure, who'll ever know/find out?- I think of all the situations I've come across where people's circumstances change, they need to raise finance or sell on, and the whole sorry mess needs to be resolved. With bigger bells on.


mf
 
Protocol said:
An unwise course of action.

He is evading CAT.

The Revenue have many ways to know about things.

Quick first point - how will he pay the LPT?
Click to expand...
If he resides in the said property surly revenue would send out the LPT letter too the registered owner which he could take too the post office too pay or pay online with the details on the letter.
 
noproblem said:
deathbed decision
Click to expand...

This sounds like it wasn't even left to the nephew in a will. So even before the unpaid CAT problem raises its head, the nephew may find that other disgruntled relative wants their "fair" share of the inheritance.
 
Well, much property devolved from generation to generation in exactly this manner. After 12 years adverse possession (squatters rights) is established anyway.

Do you need to pay CAT on property acquired by adverse possession?


One alarm bell is that the nephew is separated. Once the ex gets wind of this (and she will!) she'll start thinking about her share and reopening any family law settlement. And if matters haven't been settled yet, it's worse still.
 
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