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When the executor of a Will has been identified, they can move on to the next stage of the estate administration.

This is to identify, value and secure all assets and to establish the extent of all liabilities.  Some of the assets may be obvious, such as the deceased’s home (if they owned a property) and perhaps their car and jewellery.  The executor will also need to find out about any gifts made by the deceased in the seven years before their death.

Some assets may be less easy to find.  In an age of online banking and paperless accounts, it can be more difficult to find out what bank accounts the deceased had.  Whilst most current accounts still have physical debit cards, you can now opt just to have a virtual card for use on a smartphone.

It can be equally difficult to find details of any liabilities.  Again, many companies are encouraging their customers to go paperless and just to receive statements online either by email or via a portal or app.

We would still suggest that the first step should be a search of the deceased’s home to try to find any paperwork they may have, whether this is old statements or perhaps a notebook or papers prepared by them.

If there are valuables at the deceased’s home which are easily portable, and the property is going to be empty, we would recommend moving these assets for safe keeping.  A record should be made of all items removed from the property and perhaps even photographs taken.

Once the executor has identified the assets, they need to obtain a date of death valuation for the purposes of applying for a Grant from the Probate Registry.

Banks, building societies and other financial institutions will often provide both a date of death and current valuation for accounts and holdings.  It is essential that the correct value is used when preparing the application for the Grant.

For other assets, such as shares, the institutions may provide details of the holdings at the date of death but not the value of the holding.  The executor will need to research the share value on the date of death.

When looking for details of liabilities, the executor should look for details of credit cards, loans and mortgages but also utility bills and council tax.

The value of gifts made prior to death is a very important part of valuing the estate which can often be overlooked.  If a gift has been made prior to death which exceeds the annual gifting allowance of £3,000, this must be added to the value of the estate.  This could mean that even where the assets are under the limits for IHT at the time of death, tax will still be payable due to the combined value of the pre-death gifts and the post death assets.

Once a full picture of the value of the estate has been obtained, the executor is in a position to apply for a Grant.

If you have been appointed as an Executor and you’d like to speak about your roles and responsibilities, please contact Cath Collins on 01945 898090 or This email address is being protected from spambots. You need JavaScript enabled to view it..