Once probate has been granted, the executor must collect the deceased's assets and pay any debts or taxes including income tax the deceased owed. In view of possible liability for capital gains tax it is important to find out the date and cost of acquisition of the deceased's assets.
Funeral expenses are to be paid first and there is a particular order in which any other debts must be paid. After funeral expenses are paid, the executor is entitled to claim any expenses relating to the administration of the estate before other debts are paid.
Once debts have been paid, assets are either distributed according to the terms in the will or they are sold so that money can be divided among the beneficiaries.
As your solicitor, I will contact any financial organisations and companies in which the deceased had money invested in order to find out their requirements to realise those assets. You may become involved in selling various pieces of the deceased's belongings such as jewellery, a boat or car.
A bank account will have to be opened, in the name of the estate, into which all funds owed to the estate must be deposited and from which debts must be paid. With estates that will not continue for a long time, our trust account can be used for this purpose.