How Long After Probate is Granted Does It Take to Receive Inheritance?
While a simple estate might see beneficiaries receive their inheritance after probate is granted in just six months, some situations that involve complex estates and delays at the probate registry can take inheritance anywhere up to 12 months or even years.
If you need help with probate and inheritance, our probate and estate administration solicitors can guide you on the right path. However, here is what the process generally looks like and the factors that could cause the delay in receiving inheritance.
Probate and Inheritance
The process begins when the executor(s) applies for a Grant of Probate (if there is a will) or when administrator(s) apply for a Grant of Letters of Administration (if there isn't one) from the probate registry.
This legal document from the probate registry authorises the executor(s) to manage the deceased's estate and is crucial for accessing the deceased’s assets. Without this grant, handling financial institutions, settling taxes, or dealing with property becomes impossible.
After obtaining the grant, the executor's responsibilities include gathering all the estate's assets, paying off any debts and taxes, and then distributing the remainder to the rightful beneficiaries. While this might seem straightforward, some factors regarding specific estates cause delays in receiving inheritance.
What Could Affect How Long It Takes To Receive Inheritance?
1. Calculating The Value of the Estate
While your executor or administrator is determining the value of the estate (assets and liabilities), the process can become complex if the deceased owned an unincorporated business or was involved in a partnership.
The business accounts, along with tax liabilities and potential overpayments, require thorough examination and often result in lengthy correspondence with HM Revenue and Customs (HMRC).
Also, if the estate includes assets abroad, going through different international laws and possible travel restrictions can delay the valuation process, affecting when you receive the inheritance.
2. Selling Shares and Probate Property
To sell shares, an executor needs to work with stockbrokers or share registrars. The paperwork can also be quite extensive, especially if share certificates go missing. Then, you're looking at a search and possibly needing to issue replacements, which adds to the delay.
As for real estate, finding a buyer and going through the conveyancing (the legal steps needed to transfer property) doesn’t happen overnight. Market conditions, where the property is located, and the overall condition of the property can all influence how quickly a sale goes through.
3. Managing Claims Against the Estate/Insurance policy
Once the Grant of Probate is issued, Executors or Administrators need to handle claims for a specific period. This is when creditors or anyone who might feel left out of the Will can step forward.
It could be best not to just sit back and wait for this period to pass but to actively reach out to potential claimants, especially when dealing with homemade or DIY wills, which are prone to misinterpretation and can lead to disputes.
You can proactively manage claims by contacting known creditors directly or making public announcements about the probate to ensure everyone involved gets a fair chance to make their case.
Also, when an insurance policy is included in the estate, the policy's trustees typically have the authority to decide whom to pay. They may conduct a detailed review, asking numerous questions about the potential beneficiaries and investigating the circumstances of the deceased's passing to ensure appropriate payouts.
4. Finding Missing Beneficiaries
An executor is required by law to ensure that the estate is distributed according to the deceased's wishes. So, missing just one beneficiary can delay the entire process.
Unfortunately, this sometimes involves situations in which beneficiaries might not even know they're named in a will or have lost contact with the family. When this happens, executors or administrators may engage a tracing agent, which can cause delays.
5. Changing Executor
Sometimes, unexpected challenges can arise during the inheritance process. If an Executor passes away or loses the ability to fulfil their duties due to mental incapacity, it becomes necessary to appoint a new Executor.
This change can introduce delays as the new Executor must be formally recognised and brought up to speed on the estate's details.
What Can Beneficiaries Do While Waiting for Inheritance?
First, stay in touch with the executor(s) or administrator(s); they can keep you informed about the status of the estate and any potential delays.
Our family solicitors also advise to plan financially ahead, since the timing of when you’ll receive your inheritance can be unpredictable. This planning might involve budgeting for any immediate needs or investment strategies for the future.
More importantly, patience is crucial. The probate process involves many steps and legal requirements that must be met to ensure everything is done fairly and correctly. Familiarise yourself with details of the will and estate. This knowledge can make the process feel more transparent.
However, if the process is taking too long or you’re not getting clear answers, you can seek legal advice from our solicitors, who can help clear up any confusion.
Speak to Gavin Edmondson Solicitors
Receiving Inheritance after probate is granted does not have a specific timeline, but it requires careful and skilled administration to make it as quick as possible.
If you feel something isn't right with your inheritance proceedings, please feel free to reach out to Gavin Edmondson Solicitors.
Our probate and administration solicitors will provide you with the clarity and professional guidance you need to ensure your inheritance process is handled correctly.