Step by step guide to Acting as Executor

It says distribute estate, not sell property; and in any event that can't be done until probate is complete.

Depending on wording of will of course, theres nothing to stop executor putting the property into the beneficiaries name once you have probate, & they can decide themselves what they want to do.

To those advocating solicitors, glad it worked out, but this thread is about the DIY approach & Brendan has given the assumptions at the start,so DIY is not for all cases.

Would be great to hear from anyone else currently doing this.
 
Thirsty said:
It says distribute estate, not sell property....
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That's neither here nor there in relation to the point I am making, which is that an executor or administrator should not hold on to property in an effort to second-guess the market.

The law requires that an estate be dealt with with reasonable expedition. If the beneficiaries choose to become property speculators afterwards, that is not the concern of the executor or administrator.
 
still trying to get an answer to this

ricta said:
Hi,
I am currently preparing a personal application as executor, and I see that now if a property is over an acre the valuation must be by way of a sworn Affidavit. When i did this in the past, an Auctioneer/Estate Agent's valuation was enough.

How do I get a valuation by sworn affidavit, must I bring the Auctioneer into a solicitor?!

regards
Ricta
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There seems to be some confusion in the Probate Service, the Dublin Office say that "a valuation by way of a sworn Affidavit is required in all cases where a property is greater than one acre", while my local District Registry are a bit puzzled by my query and asked me to send them in the standard Estate Agent valuation I got, to see if it is acceptable. The EA was also puzzled as to how he would give me a sworn valuation, he is used to the Probate Office sending him forms to swear after applications were lodged, but had never heard of it being done before the application was submitted.



A tip that might be useful: while the Probate Registry will give you two CA24's to fill out, and swear, before returning them with the application; I find it best to also download and print one to practise on. I guarantee you will want to change mistaken entries.
 
Bank account

When I was appointed executor I was worried that I would have to pay for the funeral etc., myself & wouldn't get anything back until probate was completed but that's not the case.

The deceased bank account can be closed and a new a/c opened in the name of the executor(s) with the balance transferred in the new account.

Bills/insurance relating to the estate can be paid from these funds. Obviously you have to account for all disbursements, so make sure to keep clear records.
 
another question on the CA24 form

first question
There's a section on the form for 'debts' of the deceased, it includes as an example the funeral costs.

In my case the funeral costs were paid directly by the bank, from the deceased bank account, to the funeral directors. So therefore there is no longer a debt?

Also do we put in bank a/c balance as at the date of completing the form or the date of death?

Or .. is there another way to look at it?

1. Balance of bank account at date of death is (say) €10,000
2. Write in cost of funeral as 'debt' (say) €8,000
3. Bank statement shows opening balance, transaction and closing balance of €2,000

second question

can anyone tell me (or point me in the right direction) what the 'Group Threshold' is? There's tick boxes A B C for this question and I'm flumoxed!
 
Everything is date of death for CA24

So put in as a credit balance of bank account at date of death
And a debt for the funeral expenses

Nett result is the same

CAT thresholds here.

Its basically are you an offspring - A

Or Parent*/Brother/Sister/Niece/Nephew/Grandchild which is B

Or other= C


http://www.revenue.ie/en/tax/cat/thresholds.html

mf
 
Folio Numbers for property

CA24 (the revenue affidavit form) asks for folio numbers of any property.

You can look these up on www.prai.ie - click on the Non-account holder, search now button.

Then put in the address & a street level map will come up on online. Make sure you identify the correct house and when you click on it, the folio number will pop if (if it's registered).
 
Don't know if this was posted before; the CA24 form can be downloaded and completed on your PC. So you can add to it, or correct it as you go along.

It's not half as bad as it looks initially.
 
Bequests to Charities

Might be good to make this a key post if that was possible?

If the will has charitable donation(s) you will need to complete a form called PAS 3: Form to be completed for the commissioners of charitable donations and bequests for Ireland
 and it's available here:

http://www.courts.ie/Courts.ie/library3.nsf/%28WebFiles%29/49F049813A250D0980257A37002F86DB/$FILE/PAS3%20-%20Commissioners%20of%20charitable%20donations%20and%20bequests.pdf
 
Another bit of info that might be of help

So for the benefit of those in a similar situation here's the word from the horse's mouth...

a. if the beneficiary resides in Ireland, Pay and file is their responsibility. Nothing for Executor to worry about, no tax clearance or anything else. Once you have probate you can safely hand over the dosh due to them. All those Soltrs websites which say other wise (and I found quite a few!) are out of date.

b. if the beneficiary resides overseas, you apply to Revenue for a Section 48.10 clearance to release property. In a nut shell, if you don't have this clearance, it means overseas beneficiary hasn't paid their inheritance tax so you don't release property.**

There is an option for Executors in regards to overseas beneficiaries to hold back cash to the equivalent of the inheritance tax payable, if there is such cash due to the beneficiary. This isn't an option in my case.

**What happens if we reach the payment deadline of 31st Oct and tax still not paid is another days work....
 
Just an update for everyone... had my personal probate meeting today and all went very well. Expect to have my letter of probate out in about two weeks time. So to anyone else heading down this road, it's very do-able, have learned loads and (odd though it may sound) it was very therapeutic as part of the grieving process.

So happy days! :)
 
Thirsty said:
Just an update for everyone... had my personal probate meeting today and all went very well. Expect to have my letter of probate out in about two weeks time. So to anyone else heading down this road, it's very do-able, have learned loads and (odd though it may sound) it was very therapeutic as part of the grieving process.

So happy days! :)
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Could I ask how long it took from submission of forms to interview Thirsty?
 
The letter of acknowledgement said 26 weeks and in the event it was about 4 weeks earlier than that. So around 5 months.
 
Thirsty said:
It says distribute estate, not sell property; and in any event that can't be done until probate is complete.

Depending on wording of will of course, theres nothing to stop executor putting the property into the beneficiaries name once you have probate, & they can decide themselves what they want to do.

To those advocating solicitors, glad it worked out, but this thread is about the DIY approach & Brendan has given the assumptions at the start,so DIY is not for all cases.

Would be great to hear from anyone else currently doing this.
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I have just completed the whole process but am now struggling to finalize the taxes of the deceased. A form 1 has to be completed for the remainder of the year in which the state was being administered and any revenues accrued, ie in the form of rental income (which was my case) have to be outlined and further tax paid.
As the rental property was specifically bequeathed in the will to a particular beneficiary, does anyone know at what point this beneficiary should be receiving the rent monies, instead of them going directly into the deceased's estate? Should it be from the date the Grant of Probate was issued or the date of death of the deceased?
Thanks for any replies.
 
Interesting question.... IANAL so take this reply accordingly.

My first question would be in regards to the residue and what does the will say about that?

I would suggest that while the estate is being managed by the executor then all income/outgoings are part of the estate; when you are ready to wind up everything remaining (the residue) is distributed per the will. Your beneficiary may or may not be named there.

As regards the question of 'when does the rent become payable to the beneficiary' I would think from the date of Grant of Probate, but I wouldn't pay it over until you've settled with revenue.
 
When the executor has to ask the beneficiaries did they receive any previous inheritance or gifts are they not held responsible for any tax due. I thought that the beneficiaries have to furnish the executor with PPS numbers so the revenue reports back to the executor and so makes them liable for any unpaid CAT tax.
 
beneficiaries have to furnish the executor with PPS numbers
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For bequests > €16k (there's a more exact figure, just can't recall it now off the top of my head), PPS numbers are entered into the CA24. If less than that, don't have to put in that detail.
so the revenue reports back to the executor and so makes them liable for any unpaid CAT tax
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If beneficiary resides in Ireland, they are responsible for their own tax; doesn't come back to the executor. If beneficiary is resident abroad there's a different procedure, I've put that info in the the DIY Probate thread.
 
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