When and how are the assets distributed?

Following the identification of all assets, and where necessary, assets have been sold and all debts have been paid, the remainder of the estate can be distributed to the beneficiaries. The executor may decide to publish a notice in the newspaper requiring anybody with a claim against the estate to provide particulars of the claim within one month, or alternatively bear some risk.

An estate statement of account and a distribution report must be prepared by the executor to be given to the beneficiaries when they receive their share of the estate. This shows what the assets were, how much money resulted from any sale of assets they raised and what expenses and debts were paid from the proceeds.

If an executor is applying to the Supreme Court for commission for his/her administration, detailed accounts have to be filed with the Probate Registry. All receipts and payments by the executor must be properly approved by the court.