Collecting the assets
When the grant of representation has been received from the probate Registry, the process of collecting all the deceased person’s assets can take place.
The decision will need to be made assets should be sold to pay debts of other liabilities (including tax) and which can be held for transfer to the beneficiaries.
Responsibility of the personal representatives
The personal representatives will have the responsibility for this collection and, where appropriate, the realisation of assets. However, as far as is possible in the circumstances, you should take account of the beneficiaries’ wishes in determining which assets should be retained and which should be sold.
The collection process should be relatively straightforward following the completion of the valuation process for probate.
All you will need to do is send a copy of the grant of representation to all the financial institutions and other companies holding the assets and inform them whether you want the asset retained for transfer to a beneficiary once the administration on the estate is completed or whether you want it sold.
Realisation of assets
You will also be responsible for the realisation of assets in the estate, such as the deceased person’s car, and you are legally obliged to sell these at proper market prices.
Please note that information which we provide through Lasting Post is in outline for information or educational purposes only. The information is not a substitute for the professional judgment of a solicitor, accountant or other professional adviser. We cannot guarantee that information provided by Lasting Post will meet your individual needs, as this will very much depend on your individual circumstances. You should therefore use the information only as a starting point for your enquiries.