A Grant of Probate is not always required following a person’s passing.

Following any death; the first stage in administering a person’s estate is to notify all relevant account holders where the deceased held financial assets and advise them of the death.

The bank or financial institution will at this stage advise whether they require a Grant of Probate to close and finalise the account.

A Grant of Probate is generally required by banks and financial institutions in the Isle of Man when there are funds held in excess of £10,000.

However, different asset holders have different internal rules as to their individual requirements. There are no set figures or guidelines for when, or the amount, a Grant of Probate is specifically required.

Note: A transfer or sale of land from an estate will always require a Grant of Probate irrespective of its value.

If you need assistance with obtaining a Grant of Probate in the Isle of Man, please do not hesitate to contact us or email us directly via the "Contact Us" form available https://www.mplegal.im

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