Part 2: Gathering and inventorying assets: Once the grant of probate is obtained, the executor must gather and inventory all of the deceased person's assets, including property, investments, and personal possessions. Once estate assets have been gathered, Form P10 should be filed and submitted.
This step is important to ensure that all assets are accounted for and to prepare for the distribution of assets.
Part 3: Identifying and notifying creditors: The executor must also identify and notify any creditors of the estate, and pay off any outstanding debts. This step is important to ensure that the estate is settled properly and that the beneficiaries receive their fair share of the assets.
Part 4: Distributing assets: The executor must then distribute the assets of the estate according to the will or the laws of intestacy (if the deceased person died without a will). This may include selling property, transferring ownership of assets to beneficiaries, and distributing cash and other assets.
Part 5: Filing a final accounting and obtaining a discharge: Finally, the executor must file a final accounting with the court and obtain a discharge, which releases them from their responsibilities as executor. Once the estate has been settled, the executor must be filled out and submit Form P17 relieving the executor of their duties.
This step is important to ensure that the court is satisfied that the estate has been settled properly and that the executor has fulfilled their duties.
It's worth mentioning that the probate process can be emotionally and financially taxing for the executor, and it may be helpful to seek guidance from a lawyer or other professional to assist in navigating through the process.