Using the Grant of Probate (or Letters of Administration) the deceased’s bank accounts will be closed and their assets passed on or liquidised. The Grant also permits the executors to deal with the property of the deceased; either selling it or putting it formally in the name of the beneficiaries under the will.
During the entire administration of the estate we will prepare the Estate Accounts, which will eventually give the executors or administrators and the main beneficiaries a picture of how the estate stood at the date of death, what money has come in, what debts and expenses have been paid out of it and how the estate is finally distributed.
It is often the case that on the winding up of the estate, the beneficiaries themselves will need advice on their own assets, both existing and those received under the estate. If the deceased’s will has established trusts the Trustees will need specialised advise on the administration of the trust and the investment of trust assets to comply with the requirements of the Trustee Act (Northern Ireland) 2001.
We can advise the beneficiaries or trustees accordingly and we have relationships with accountants and other professional advisers who can be brought in to assist as required.