Estate accounts are one of the final stages in the estate administration process. These accounts are a detailed record of all the financial transactions that have occurred during the administration of an estate.

Probate is a legal process that may be necessary when someone dies and leaves assets behind. It involves obtaining a Grant of Probate to give the Executor the legal right to proceed with estate administration. This includes identifying and valuing the deceased’s assets, paying any debts and expenses , distributing those assets to their beneficiaries, and much more.

The Executor of an estate has the authority to sell the property of the deceased, as long as it is specified in the Will or authorised by the court. However, the Executor needs to be sure there are no surviving joint owners or clauses in the Will that prevent selling the property.

One question that we frequently get asked is “What happens to a property when someone dies?”. Following a bereavement, there are a number of tasks that need to be considered and ensuring that a property is dealt with correctly is one of the many responsibilities involved in estate administration. Coming to terms with the death of a loved one is a difficult and emotional process; therefore, it’s important to understand what to do with the deceased’s property to avoid any further stress and anxiety.

By Jim Sisson, Chief Financial Officer at Tower Street Finance When people pass away, they leave behind all kinds of assets and heirlooms. Property is often among the most valuable assets and managing property is a key concern for those tasked with dealing with an estate.