What is Probate and when is it necessary to obtain it in the Isle of Man?
Where an individual dies and at the date of his death he owned assets (whether land or personal property) located in the Isle of Man, it may be necessary for the personal representative(s) of the deceased to obtain a Grant of Representation from the Isle of Man Probate Registry to allow the personal representative(s) to administer the estate of the deceased in order that the estate can be distributed to the rightful beneficiaries.
There are three different types of Grant of Representation that can be issued:
Firstly, if the deceased made a will, then the personal representative(s) will be the person(s) named as executor(s) in the Will and they will need to apply for a document known as a Grant of Probate. The Grant of Probate confirms the validity of the Will and the appointment of one or more executors as personal representative(s).
Secondly, a Grant of Administration with Will annexed will be required where there is a valid Will but no executor appointed who is willing or able to carry out such office.
Thirdly, if the deceased did not leave a Will, the deceased is said to have died intestate. A Grant of Administration or Letters of Administration can be issued on an intestacy, in order to deal with the estate of the deceased. Where there is no will, the assets of the deceased, who can deal with the assets (known as the Administrator) and who is entitled to the assets is determined by legal rules.
Financial institutions and other corporations will normally require a copy of the Grant of Representation before releasing any of the deceased’s assets to the personal representatives. This is to ensure they are releasing the assets to the correct person who is entitled to deal with such assets.
Download the full article here: Probate in the Isle of Man