The transfer of Assets, such as monetary gifts or keepsakes etc. can be carried out by the Executors/Administrator once Probate or Letters of Administration, has been granted by the Probate Registry.
The distribution of the deceased's assets will be governed by the Will, or under the intestacy rules, where there is no will. If Assets such as property or land, both in the UK or abroad, are identified, it is important, as mentioned above, to appoint a solicitor to deal with the transfer or sale of the property.

Remember that the Executors are personally responsible for the payment of all debts and taxes from the Estate, and consequently the Executors must be satisfied that sufficient funds are available within the Estate to meet those liabilities, before dealing with the payment of any bequests (gifts) made by the deceased in the Will.

It is therefore important that the Executors keep track of all financial transfers and ensure that sufficient funds are available from the Estate to meet these obligations.

Enter the details in the 'Assets Spreadsheet' so that a permanent record is maintained of who gets what and when the asset was transferred.

At the time of transfer it would be prudent to request the beneficiary to approve the accounts and sign for the asset(s) received. To see pro-forma letters click here.

The 'Assets Spreadsheet' will provide a running total of these amounts as it is updated.

List of Beneficiaries

This can be taken directly from the Will, or, where no Will was left, by following the Intestacy rules for asset distribution.

In the situation where there are missing beneficiaries, it is the responsibility of the Executors to make every effort to locate potential beneficiaries, including asking relatives and friends and advertising in the area where they were last known to have lived. This advertising should extend to the 'London Gazette' if appropriate.

If all of the beneficiaries named in the Will, are deceased or cannot be located then the rules for intestacy must be followed.

Asset distribution for Intestate Estates

Note: As mentioned above and at the time of publication the intestacy rules make no provision for co-habiting partners (common law spouse/single gender couples) or stepchildren, although this can be altered provided all of the beneficiaries agree on any action proposed.

Where a person dies without making a will they are said to die 'intestate'.

In this case application must be made to the Probate Registry for a grant of Letters of Administration (Form PA1) as described earlier.

The distribution of the intestate's assets is governed by a fixed set of rules.

The following statements define value limits and an order of priority as to who gets what proportion of the Estate.

To determine beneficiaries in order of priority click here .

Under the rules of intestacy, if a surviving spouse has children and the Estate is valued as greater than £125,000 then the spouse is entitled to the first £125,000, all of the personal belongings, and a life interest in half of the remainder.

The Executors must invest that half share in Trust, in which the surviving spouse has a life interest, which means that the income from this Trust will be paid to the spouse until his/her death.

On the death of the spouse the capital (i.e. the original half share) will be divided equally between the children.

If any of the children are under age (18) the capital remains in Trust for them until they reach that age.

Should any of the deceased's children die before reaching the age of 18, leaving children of their own, then their share will pass on to any children they have.

The other half share of the Estate will be split equally between the children. If any of the children are under 18 their share must be invested in a Trust on their behalf and in the name of the Executors, until they reach 18.

In all cases the Executors are responsible for notifying the tax authorities and for submitting a Trust Tax return each year.

If a beneficiary cannot be located or they are deceased then the rules for asset distribution need to be followed. Where there are joint recipients and one dies the survivor will receive the whole of the asset.