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Any probate lawyers around? Quick question if you don't mind

(4 Posts)
sleepychunky Thu 09-Jul-15 10:05:15

My grandfather died recently and my parents are executors. He left money in trust to beneficiaries, but what does that actually mean in practice? How do my parents go about distributing the money once probate is granted and they can access his accounts?
Would be very grateful for any advice, thanks very much

sleepychunky Thu 09-Jul-15 10:05:34

ps am at work so can't check for replies until later, not ignoring you if you reply!

poshfrock Fri 10-Jul-15 06:43:50

Once probate has been received they need to open an Executors' account to receive funds. They will need to complete the relevant closure forms for his bank accounts and provide a sealed copy of the grant ( usually best to request at least 5 copies when applying). Once all funds have been received and all creditors paid then funds can be distributed as per the terms of the will. They should prepare estate accounts for the benefit of the residuary beneficiaries. They should consider the protection of legal notices to prevent unidentified claims against the estate suddenly appearing post distribution. Final income tax position will also require settling with HMRC.

sleepychunky Fri 10-Jul-15 13:20:54

Thank you! This is so helpful, I'm passing it straight on to my parents. Really grateful for your reply

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