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What to Do After a Loved One Dies (Part 3)

July 27, 2019 By Richard Farrell

This is the third and final post about closing out a loved one’s estate. In our imagination your partner passed away leaving you to tidy up what they left behind. However, our advice is broad-reaching and should apply to almost every estate in the UK, and further beyond.

We reviewed obtaining a death certificate, registering the death, informing the authorities and friends, and arranging the funeral in Part 1. Part 2 addressed finding their will, attending to administrative matters, and getting permission from the government to carry out their wishes.

And Now for Part 3 Finally Closing Out the Estate

You should obtain your permission to proceed within 20 days from the government, assuming all went well. As touched on in Part 2, this will be a grant of probate if there is a will. Otherwise you will receive letters of administration meaning the assets distribute according to the laws of succession.

Your next step involves paying inheritance tax (if any), settling any debts, collecting all monies owed, and asking asset holders to release any funds they are holding.

They are entitled to ask for, and receive copies of the death certificate, and your grant of probate / letters of administration. Never let the originals out of your sight for a moment but be willing to produce them when asked.

You are Merely a Custodian, You Must Act Impartially

You are not in charge of what happens next. The deceased’s will is, or if they died without one then the law of succession for an intestate estate applies. It’s always best to place a statutory advertisement in The Gazette and one local newspaper.

This is because you have a duty as executor to take reasonable measures to trace any creditors and this meets this requirement. For if you do not, then a creditor could attempt to hold you personally responsible for their loss if the estate is already finalised.

You now have to wait two months to allow any creditor(s) to come forward. This is a suitable opportunity to negotiate with the heirs, and agree in principle how they should share the proceeds of the estate.

After Waiting for the Two Months to Pass, the Final Steps

You must first settle the estate’s debts, in this particular order according to the law:

  • funeral expenses, if not previously paid
  • taxes that are due (estate, personal, business, etc.)
  • creditors, (loans, mortgages, all other debts)

Remember to ask for a full and final receipt of settlement in every instance. This will in any case be needed for your final set of accounts. The value remaining in the estate is now available to distribute to the heirs.

First obtain an estimate of the value of any share certificates from the registrars. While you are waiting obtain an independent valuation of any property. You can now finally distribute all the assets as we described above.

Finally, you have reached the end of the road. All that remains is to prepare a final set of accounts, and ask the main beneficiaries to approve it. Your task is over. Well done and we are delighted to have been able to assist you with your difficult task.

Related

Filed Under: Probate Valuation Tagged With: executors are merely custodians, grant of probate, probate guide, What to Do After a Loved One Dies

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

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Client Reviews

Jenny Schon
Dec 3, 2021
 by Jenny Schon on Avery Associates
Well done

This truly is a 'one stop shop' for all things relating to Probate valuations and clearance. Jeffrey is a 'facilitator' and full marks to him for finding... Read More

Kevin Anderson
Oct 26, 2021
 by Kevin Anderson on Avery Associates
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Our aunt was a recluse and hoarder. She died leaving two properties in London that were dilapidated and completely hoarded. Unfortunately, because everything... Read More

It was a pleasure to assist Kevin

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Aug 26, 2021
 by T. Hackett on Avery Associates
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