Isle of Man Probate

A policy of life assurance or capital redemption that has been issued by and IOM Insurance Company is considered an Isle of Man asset. Therefore, upon the death of the last surviving policyholder, an application to the courts in the Isle of Man must be made to obtain Probate before its value can be paid away or where possible the policy assigned.

Isle of Man Probate is a legal document granted and administered by the General Registry within the Isle of Man Courts of Justice. It identifies who is permitted to give instructions to an Isle of Man institution in respect of Isle of Man assets.

Once Probate has been issued, the executor(s) named within the document are then able to provide their insurance company with further instructions.

With effect from 01 April 2024 the cost of obtaining Isle of Man Probate will increase. The new fees, which are based on the value of the deceased’s estate are as follows:

Gross estate value
Fee payable where only asset is a policy of life assurance in the Isle of Man
Does not exceed £10,000
£31.50
Exceeds £10,000 but not £50,000
£188.50
Exceeds £50,000
£295.50

Can a trust help?
Where the policy is held within a trust structure, the policy is legally owned by the trustees and not the deceased. Therefore, the requirement for an application for Isle of Man Probate can be avoided.

A trust has the added benefit that the trustees are able to distribute the trust funds to the beneficiaries without any delays.
Gross estate value Fee payable where only asset is a policy of life assurance in the Isle of Man
Does not exceed £10,000 £31.50
Exceeds £10,000 but not £50,000 £188.50
Exceeds £50,000 £295.50

Contact us to find out more details about the changes and how to plan your wealth in the most efficient way.
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