Probate Granted? Right, Let’s Get These Assets Sorted

The Grant of Probate has arrived, brilliant. This official document is your authority to really get stuck into administering the estate. Now's the time to gather all the assets, ready for settling debts and distributing to beneficiaries. Let's crack on.

Collecting the Assets: Your Authority in Action

With the Grant in hand, you can now prove to banks, building societies, and other institutions that you have the legal right to deal with the deceased's assets.

• Closing Bank Accounts: Contact each bank again, provide the Grant of Probate, and follow their process to close accounts and have the funds transferred to an executor's account (if you've set one up).
• Gathering Investments: Liaise with stockbrokers or investment companies to either sell investments or arrange for their transfer to beneficiaries, according to the Will and the beneficiaries' wishes.
• Other Assets: Claim payouts from insurance policies, collect debts owed to the deceased, and take control of any other assets identified during valuation.

Selling Property: Finding the Right Estate Agent

If the estate includes property that needs to be sold, choosing the right estate agent is key to a smooth sale at the best possible price.

• Do Your Homework: Don't just pick the first agent you see. Look for agents active in the property's local area. Check online reviews and see who is successfully selling similar properties. Platforms like Rightmove have tools to help.
  • Resource: Use Rightmove's Find Agent feature to search locally.
• Get Several Valuations and Quotes: Invite three different agents to value the property and pitch their services. Ask them about:
  • Their recommended asking price and the reasoning behind it.
  • Their marketing strategy.
  • Their commission fee (typically a percentage of the final sale price, often between 1% and 3% plus VAT, but negotiable).
  • Their standard contract terms, including the tie in period.
• Make Your Choice: Choose the agent you feel most confident in, who communicates clearly, has a realistic valuation, and offers a fair fee structure. You need someone competent and trustworthy working for the estate.

Handling Shares: Selling or Transferring

Dealing with shares requires careful handling, whether you are selling them to raise funds or transferring them directly to beneficiaries.

• Using a Stockbroker: You'll generally need to use a stockbroker to sell shares listed on a stock exchange. You can use the deceased's broker if they had one, or choose your own. Online investment platforms like Hargreaves Lansdown or AJ Bell offer share dealing services, often with competitive fees.
  • Resource: Guides like MoneySavingExpert's Share Dealing compare platforms and costs.
• The Process: The broker will need the Grant of Probate and your instructions. They handle the sale and send the proceeds (less their fees) to the executor's account.
• Transferring Shares: If beneficiaries wish to keep the shares rather than receive cash, the broker or the company's registrar (like Equiniti or Computershare) can usually help arrange the transfer. This involves completing stock transfer forms.

Keep Clear Records: Track all asset collection, sales, and transfers meticulously. This information is vital for the final estate accounts.

Wrapping Up

With the Grant of Probate, you move into a very active phase of estate administration. Gathering assets, selling property, and managing shares takes diligence. By tackling these steps methodically, you are bringing the process closer to completion.

You are making solid progress. Keep these clear records, and you will navigate this stage effectively. We are right here if any questions pop up along the way.