Once probate has been granted, what happens next?

Once probate has been granted, executors or administrators have the legal authority to deal with the deceased’s assets. This milestone marks the transition from organising paperwork to taking practical steps to realise the value of the estate—including selling property, transferring investments, settling debts and distributing inheritances. Understanding what happens next can help you navigate this often complex process with confidence and ensure you meet all legal obligations in a timely manner.

1. Valuing and Insuring Estate Assets

Before any assets can be sold or transferred, you’ll need to obtain up-to-date valuations:

• Property valuation: Commission a professional surveyor or estate agent to provide a current market valuation of any real estate.
• Personal possessions: Hire a valuer for high-value items such as jewellery, antiques or artwork.
• Investments and bank accounts: Check statements and obtain closing values from financial institutions.

Once you have accurate valuations, it’s vital to maintain adequate insurance cover. If the property is unoccupied, standard home insurance may not apply. Speak to an insurer about unoccupied property policies to protect against damage, theft or liability claims.

2. Appointing an Estate Agent

If selling a property is part of the estate plan, selecting the right estate agent is crucial:

1. Research local agents: Look for agents with strong track records in the neighbourhood where the property is located.
2. Request multiple valuations: Aim for at least three market appraisals to compare pricing strategies and fees.
3. Check credentials and reviews: Read online reviews, ask for references and verify membership of organisations such as the NAEA (National Association of Estate Agents).

An experienced agent will guide you on presentation (e.g. minor repairs, staging), marketing channels (portals like Rightmove, Zoopla) and realistic timelines for offers.

3. Preparing the Property for Sale

A well-prepared property can attract more interest and higher offers:

• Minor repairs and maintenance: Fix dripping taps, broken locks or cracks in walls.
• Deep clean and declutter: A tidy, neutral space helps buyers imagine themselves living there.
• Energy Performance Certificate (EPC): You must have a valid EPC before marketing the property. If it’s expired, arrange a new inspection.
• Professional photography: High-quality images significantly boost click-through rates online.

Discuss with your chosen agent whether you need any additional surveys (e.g. structural or damp) beforehand to avoid surprises during conveyancing.

4. Marketing and Receiving Offers

Once the property is live on the market:

• Market launch: Listings go on major property portals, agent’s website and social media.
• Viewings: Agents will arrange accompanied viewings. Be clear on any restrictions (e.g. sensitive tenants or title issues).
• Offer handling: Offers arrive verbally or in writing. Executors have a duty to secure the best achievable price, so you may negotiate or request proof of funds.

Keep a written record of all offers and communications, as transparency is crucial when distributing proceeds among beneficiaries.

5. Accepting an Offer and Instructing Conveyancers

After choosing a suitable offer:

1. Formally accept: The estate agent will confirm acceptance to the buyer’s solicitor.
2. Choose a conveyancer: You can use the buyer’s recommended solicitor, but it’s often better to appoint your own for impartial advice.
3. Provide legal pack: Include title deeds, property information forms (TA6), fixtures and fittings forms (TA10) and the EPC.

Conveyancers handle searches (local authority, environmental), draft contracts and liaise on exchange and completion dates.

6. Exchanging Contracts and Completion

The conveyancing process culminates in two key milestones:

• Exchange of contracts: Both parties sign and exchange contracts. At this point, the sale becomes legally binding, and the buyer usually pays a deposit (commonly 10%).
• Completion: On the agreed date, the balance of the purchase price is transferred to the executor’s client account. The keys are handed over, and the buyer takes possession.

Ensure the estate’s solicitors settle any outstanding mortgages or liens from the sale proceeds before distribution.

7. Settling Debts and Taxes

Once the sale completes and funds clear:

• Pay outstanding debts: Clear any funeral expenses, utility bills, credit cards or outstanding tax liabilities.
• Inheritance Tax (IHT): If IHT is due and hasn’t been paid yet, set aside funds to settle HMRC. Executors may need to file IHT400 returns and form IHT421.

Keep meticulous records of all payments, as beneficiaries or HMRC may request evidence of how estate funds were allocated.

8. Distributing the Estate

With debts and taxes settled:

1. Calculate net value: Deduct total liabilities from the gross estate value.
2. Follow the will or intestacy rules: Distribute the remaining assets in accordance with the deceased’s wishes or legal guidelines if there’s no valid will.
3. Obtain receipts: Beneficiaries should sign receipts confirming they’ve received their entitlements.

If any disputes arise, consider mediation or legal advice to resolve them without lengthy court proceedings.

9. Finalising the Executor’s Duties

After distribution:

• Close estate bank accounts: Once all transactions are complete.
• File final accounts: Prepare a statement for beneficiaries showing how funds were handled.
• Apply for release of executor liability: In some jurisdictions, executors can seek formal discharge to protect against future claims.

Retain all documents for at least seven years, as HMRC and potential claimants may conduct retrospective reviews.

Conclusion

Knowing “Once probate has been granted what happens next” empowers executors to move forward methodically—valuing assets, appointing professionals, marketing property, and managing conveyancing. By following each step carefully and keeping transparent records, you can fulfil your legal duties efficiently and ensure that beneficiaries receive their rightful inheritances without unnecessary delay. If in doubt, always seek specialist advice from solicitors, accountants or licensed estate agents to guide you through the complexities of post-probate administration.