What to do after you have obtained a Grant of Probate
Once the Grant of Probate has been received, the full probate process can begin. Find out what this includes...
Being an Executor of a Will can be quite a demanding role and obtaining a grant of probate is just the first step in actually dealing with a Will.
The Grant of Probate gives the Executor the authority to deal with the deceased’s estate, enabling them to carry out tasks such as selling or transferring property, closing bank accounts and cashing in life insurance policies.
Once the Grant of Probate has been received, the full probate process can begin. This includes:
It is the job of the Executor to collect all the assets of the estate. This can include property, possessions, bank accounts, shares and other investments. It will be the Executor’s role to close any bank accounts, sell any property and cash-in any pension or insurance policies.
Once the assets have been collected and liquidated (i.e. turned into cash), it is the Executor’s responsibility to ensure that any outstanding debts are paid. This can include overdue utility or credit card bills.
Placing a notice in The Gazette
A notice of the deceased’s passing must be placed in a publication known as The Gazette. This provides any creditors with the opportunity to come forward to claim any money they are owed. Usually a deadline is given for them to come forward, and protection is offered to the Executor in case any creditors come forward after the deadline.
Distributing the contents of the estate
Whatever is left over after the debts have been settled can then be distributed to the beneficiaries named in the Will. If no Will was left, then the beneficiaries will be determined by the law under the Rules of Intestacy.
Preparing a final account of the estate
Once the above has been done, then the Executor can prepare a final account of the estate. The Executor is responsible for every penny coming in and going out of the estate, ensuring everything has been done correctly.
As you can see, there is a lot involved within the probate process and it can be too much for people to deal with, especially as such a difficult time.
If you would like help with the probate process, Get Probate can help you.
Our full non-contentious probate service is from £950 (+VAT +disbursements). And this fee can be paid from the estate during the administration process – which means there are no upfront costs for you.