Q: Do I need to do anything after getting a grant of probate?
A: Lots. Once the grant of probate has been approved, the executor will need to gather and then distribute all of the assets identified when submitting the grant of probate application in line with the will.
If there is any money to be transferred, the executor will need to set up a separate bank account for this to be placed in rather than have it go to their personal account. Normally the bank of the deceased will release their monies immediately, but they’ll need to receive an approved copy of the grant of probate to do so.
The executor will also need to set up a notice in the London Gazette where any creditors to the deceased will have the opportunity to come forward to claim what’s owed to them. This is an important step as the executor could be held personally liable for any outstanding debts if they fail to do this.
Once all of this is done, the executor can begin distributing assets to the beneficiaries and creditors.
The executor needs to ensure they keep all the supporting accounting paperwork for a minimum of 12 years, as anyone who wants to contest the estate can still do so before 12 years have passed.