5. Once the grant's been issued
You should send a copy of the grant to organisations that hold the dead person’s assets, eg their bank. They should release any assets so you can transfer them into the executorship account.
Pay off any debts the person had once you’ve secured all their assets. This could include:
- outstanding bills
- tax owed
As the executor or administrator you have a legal responsibility to pay off any debts or outstanding payments before distributing the estate.
Place a notice in The Gazette to give creditors the chance to claim anything they’re owed. This will protect you from responsibility for any debts.
You can use money from the estate to pay any solicitor’s fees as part of the probate process.
Distribute the estate
Once all debts and taxes have been paid, you can distribute the estate as detailed:
- in the will
- by the law if there’s no will
After this you can prepare the estate accounts. These must be approved and signed by you and the main beneficiaries.
Beneficiaries may have to pay Income Tax if the assets they inherit generate income for them.