Do You Have To Wait Six Months After Probate | Edwards Hoyle Solicitors
Probate may feel like a daunting and difficult task, particularly when you are going through a difficult time. Many parents may choose to leave their inheritance to their children or next of kin, and understandably you may have a lot of questions. We’ll help to explain what exactly probate is and how long it takes.
In this article you’ll find the answers to the following questions:
• What is probate?
• How long can a solicitor hold money after probate?
• Why Does Probate Take So Long?
• How Edwards Hoyle Can Help
What is Probate?
Probate is a legal document that gives you the authority to deal with someone’s estate (this includes their property, money and possessions). It is extremely important not to make any financial plans or put the property on the market until the process is complete. If the assets are worth less than £5,000 you don’t need to apply for probate.
How Long Can a Solicitor Hold Money After Probate?
Beneficiaries will typically wait anywhere between 6-12 months before their inheritance begins to be paid out. This time-period varies depending on the complexity of the estate.
In complex cases it could take several years, but cases like this are quite uncommon.
Do You Have to Wait 6 Months After Probate?
Is there a time limit for an executor to distribute estate in the UK? Technically – yes. When referring to ‘The Executors Year there is a time limit of 12 months. This allows enough time for the executor to gather all the necessary information on the estate and to check for any potential claims. However, in highly complex situations the time difference could surpass this threshold; for example if there are multiple beneficiaries, or the deceased’s property may of not yet been sold. There may also be complexities due to the legal steps that have to be taken.
The Time Limit For an Executor to Distribute an Estate in The UK
Technically speaking, the time limit for an executor to distribute a will in the UK is 12 months.
Why Does Probate Take So Long?
Probate can take a long time due to the fact it involves a lot of legal, tax, and administrative work. All of these are very time consuming to organise and deal with, therefore extending probate progress for a lengthier amount of time.
Some of this administrative work can include the following:
• Accounting – Every penny received, paid, and taxed in the estate has to be accounted for.
• If the beneficiaries of the Will don’t get along - Depending on how far a case is taken, this process could last anywhere from several months to several years.
Undiscovered debts can also slow the process. There are also several reasons it could take longer for beneficiaries to receive inheritance.
• Selling shares – This can be very time-consuming and involve a lot of paperwork.
• Finding missing beneficiaries – If a beneficiary can’t be found, then the appropriate investigations have to be carried out.
• Selling a probate property.
• Selling foreign assets – Foreign lawyers and estate agents will have to be involved in the process and instructed what to do. Complexities can also be added when bank accounts are located overseas.
• When there is a disagreement – Will disputes happen when someone makes a claim that the Will is not valid. The legal interventions involved with this can last from months up to years.
• Complications with inheritance tax – Decision-making and organisation of these payments may take a lengthy amount of time.
It is important to remember to not pressurise the executor of a will to rush the administration of the estate, otherwise mistakes could be made.
Link: Do You Have To Wait 6 Months After Probate? (edwardshoyle.co.uk)