Submitting the account and obtaining a grant: what happens after the grant is obtained?
After the grant (IHTM05001) (or confirmation, in Scotland) is obtained the personal representative (PR) (IHTM05012) can start administering the estate. Paying all the Inheritance Tax due (IHTM30151) is part of this procedure but it involves a lot else besides. It may also involve:
- collecting any debts due to the deceased
- finding unknown creditors of the estate (for example, through adverts in the local newspaper).
- paying the deceased’s debts
- finalising the income tax and capital gains tax positions before the death and during the administration period
- drawing up estate accounts
- paying any pecuniary legacies (IHTM12082)
- making sure that any specific legacies (IHTM12082) of assets are appropriated to legatees
- converting assets of the residuary estate into cash or assenting them to the residuary legatees (IHTM12082)
- distributing the residue to the residuary legatees