No one likes to think about having to deal with probate issues, but it is something that we will come across at some point in our life. Understanding the basics of probate and what it entails will help you to manage the process with your chosen specialist and will help alleviate some of the stress during what is a difficult time. This month we focus on Jersey as there are a few fundamental differences to the way in which things operate there compared to the UK.
What are the main differences?
The key differences, and the ones which have the greatest potential to cause headaches to non-Jersey residents, are that:
- Inheritance tax is not applicable
- Stamp duty tax, however, does apply
- Probate can only be granted to the executors or someone based in Jersey itself – a Jersey lawyer or Advocate
There are also two forms of process: the Standard and Fast Track Probate, which will apply in different situations.
What must I do if I am an executor?
If you are an executor you have two options: either to attend probate court yourself or appoint someone to act on your behalf who is, or has access to, a Jersey Advocate.
The Fast Track Probate route
This applies to those who are deceased and who lived and paid taxes on the UK mainland. This is referred to as your place of domicile. To qualify for the fast track route you must have a Grant of Probate or Letters of Administration from the UK. Known as the Grants of Representation in Jersey, having either one of these will allow you to apply for a fast track probate application. The documents that are required for the probate process itself include:
- A Court-sealed Grant OR a Court-certified copy of the Grant of Representation document AND
- An original death certificate AND
- The estate details AND
- Proof of identity of the executors in order to comply with anti-money laundering procedures
Stamp duty costs apply to estates with a value above £10,000 and are levied at 0.5% of the assets. Separate thresholds and caps apply to high net worth estates.
The Standard Probate route
The standard probate option applies to those who are domiciled outside of Jersey and the UK. A full probate application will be required to determine the moveable (for example, money) and immoveable (for example, property) assets.
For persons domiciled in Jersey
For those persons who are Jersey-domiciled, they will most likely have two wills: the first dealing with their personal estate and the second with their real assets. The first is lodged with the Judicial Greffe, while the second is stored in the Public Registry.
If you need advice or assistance navigating the Jersey probate system IWC Probate Services have the knowledge, experience, and local contacts to undertake this process for you saving you time, money, and stress. For more information either contact our UK-based team by dropping us a line on firstname.lastname@example.org or by calling us on 020 8017 1029 to make an appointment. Alternatively, our Jersey specialists can be contacted via https://www.jerseyprobate.co.uk