What Happens After Probate Is Granted?

After a grant of probate is granted in the United Kingdom, the executor or administrator of the estate can begin the process of collecting and distributing the assets of the deceased.

Collecting the assets

The first step in distributing the assets of the estate is to collect them. This may involve contacting various financial institutions, such as banks and insurance companies, to retrieve assets such as bank accounts, stocks, and bonds. The executor or administrator will also need to locate and collect any tangible assets, such as real estate, vehicles, and personal property.

Paying debts and taxes

Once the assets have been collected, the executor or administrator must pay any debts and taxes that are owed by the estate. This includes any outstanding bills, mortgages, and taxes. It is important to pay these debts and taxes in a timely manner to avoid any legal issues.

Inheritance tax

One of the taxes that may be due on the estate is Inheritance Tax. This tax is due if the value of the estate exceeds £325,000. The executor or administrator will need to fill in an IHT400 form and pay the tax due within six months of the end of the month in which the person died.

Distributing the assets

Once all debts and taxes have been paid, the executor or administrator can begin the process of distributing the assets to the beneficiaries named in the will. This process is governed by the terms of the will, and it is important to ensure that the assets are distributed according to the wishes of the deceased.

Closing the estate

After the assets have been distributed and all debts and taxes have been paid, the executor or administrator must apply to the probate registry to close the estate. This will involve submitting a final account of the estate and any other required documents.

It is important to note that the process of applying for probate and distributing the assets can be complex and time-consuming. If the estate is large or complex, or if you are unsure about the process, it may be advisable to seek professional legal help.

In conclusion, the probate process after the grant is granted, involves collecting and distributing the assets of the deceased, paying off any debts and taxes, and closing the estate. It is a process that requires a great deal of attention to detail and can be time-consuming, but with the right knowledge and resources, it can be completed successfully. It’s important to seek professional help if the estate is complex or if you are unsure about the process.