The Role of an Executor Following a Death.
Register the Death First
You will need a death certificate before you can do anything with the estate of the deceased person.several certified copies of the death certificate from the register office where the deceased person died. Each bank, insurance company, building society, etc will require a copy of an original death certificate.
Locate the Will and Confirm the Executor
Value the Estate
Make a full list of all assets and all debts and then value them all. This will tell you if there is any Inheritance Tax to be paid. For more on this, take a look at Probate Leicester Leicesterhttps://beesandco.com/our-services/probate/leicester/.for more information
Apply for the Grant of Probate
The application for the Grant of Probate can be made online through the HMCTS website or by post.
Pay Inheritance Tax Before the Grant
Any Inheritance Tax due must be paid before the Grant of Probate is issued. Once payment has been made HMRC will advise when the bill has been settled.
Collect Assets and Distribute to Beneficiaries
Once the Grant of Probate has been issued, the Executor can then proceed to collect the assets of the deceased, pay off any outstanding debts and distribute the estate to the beneficiaries.
On average it takes around several months to go through the probate process. Throughout this time, it is highly recommended to keep detailed records of everything that you have done.