Once Probate Has Been Granted What Happens Next in the United Kingdom

1. Once Probate Has Been Granted What Happens Next in the United Kingdom In the United Kingdom, once probate has been granted, the process of administering the estate can begin. Here are the typical steps that follow after probate has been granted: Collecting assets: The executor or administrator of the estate gathers all the assets of the deceased, including bank accounts, investments, properties, and personal belongings. They may need to contact various institutions and provide the necessary documentation to transfer or access these assets. Paying debts and taxes: The executor is responsible for identifying and settling any outstanding debts of the deceased, including loans, credit card balances, and utility bills. They also calculate and settle any inheritance tax, capital gains tax, or other applicable taxes. Preparing estate accounts: The executor prepares detailed accounts of all the assets, debts, expenses, and taxes related to the estate. These accounts provide an overview of how the estate has been managed and distributed. Distributing the estate: Once all debts, taxes, and expenses have been paid, the executor distributes the remaining assets in accordance with the terms of the will or intestacy laws if there is no will. This involves transferring property, distributing money, and carrying out any specific bequests or instructions outlined in the will. Finalising the estate: After the estate has been distributed, the executor prepares a final account, which summarises all the transactions and distributions made during the administration. They provide copies of this account to the beneficiaries and obtain their agreement. If there are no disputes or objections, the executor can proceed to close the estate.

2. Closing the estate: To formally close the estate, the executor files the final accounts and related documents with the relevant authorities, such as HM Revenue and Customs (HMRC), and submits any required tax returns. They may also need to provide a formal closure notice to the Probate Registry or other appropriate governing bodies. It's important to note that the exact process can vary depending on the complexity of the estate, the presence of a valid will, and other factors. It is advisable to seek legal or professional advice to ensure compliance with the specific requirements and obligations involved in administering an estate after probate has been granted.