Is Probate Compulsory?

Jose1

Apologies if this topic has already been covered elsewhere, I have had a quick look but was unable to find an answer.

Q. Is probate compulsory when a deceased persons total assets (no property) are below 8k in cash?

If so, then what is most cost effective way of proceeding with it?

Many thanks in advance of replies.

Pro Hoc Vice

http://www.courts.ie/Courts.ie/library3.nsf/pagecurrent/7176C696FD04A8CE802575AF003E0ECF?opendocument

Jose1

Having read through the link provided, thank you, am I correct in assuming that if a person were to have a bank account, their total assets, in a joint account with someone else then upon their death their assets would go directly to the other joint account holder without the need of applying for probate?

G3467

From citizeninformation.ie:

"
Money in the bank

If the money in the bank or the insurance policy is in the deceased's name only then family members usually cannot get access until probate is taken out. If the amount of money in the bank is small, the bank may release it provided the personal representatives or the next of kin sign an indemnity form - in effect, this is a guarantee that the bank will not be at a loss if there are other claims on the money.
If the bank account is in the joint names of the deceased and the deceased's spouse/civil partner, the money can usually be transferred into the survivor's name. You will need the death certificate to do this. If there is an account with more than €50,000, you will also need a letter of clearance from the Revenue Commissioners allowing the money to be transferred into the surviving spouse's/civil partner's name. Spouses/civil partners are not liable for Capital Acquisitions Tax on inheritances from each other. You should apply to the Capital Taxes Office of the Revenue Commissioners for a letter of clearance.
If the bank account is in the joint names of the deceased and someone else, and the bank was given instructions when the account was opened that the other person was to receive the money on the death of the deceased, the money can be transferred into the survivor's name. The death certificate will be required to do this. If there is an account with more than €50,000, a letter of clearance from the Revenue Commissioners will be required. allowing the money to be transferred into the surviving spouse's/civil partner's name pending investigations about liability to Capital Acquisitions Tax (CAT). Where the bank has no instructions, it will be necessary to establish what was intended to happen to the money on the death of the deceased."

tricky D

Jose1 wrote: »

Having read through the link provided, thank you, am I correct in assuming that if a person were to have a bank account, their total assets, in a joint account with someone else then upon their death their assets would go directly to the other joint account holder without the need of applying for probate?

It's supposed to be that simple, but banks being banks. Based on current experience.

Jose1

tricky D wrote: »

It's supposed to be that simple, but banks being banks. Based on current experience.

Tricky D, how so?

When your joint account was initially set up didn't you stipulate that upon the death of either account holder that all remaining funds must then become the sole property of the other account holder?

Assuming you did and have written proof, then I can't see how there could be an issue. It is after all, your money! Or am I missing something here?

tricky D

Firstly, for clarity, it's my mother's affairs I'm helping with.

Two banks where the amount in the account is over €25k are requiring a Grant of Probate and will not grant a Waiver.

Two other banks did the old 'that'll be no problem' at branch level, but once sent up the line to HQ, branch gets overruled or just plain ignored. A load of toing and froing then occurs.