If you are winding up the estate of someone who has died, or you will be inheriting from an estate, you may be wondering how long it takes to finalise an estate administration. We look at the process and the length of time it can take.
After a death, the executors named in the deceased’s Will have the task of winding up the estate. They can do this themselves or engage an expert probate solicitor to carry out the work, which will then be paid for from the estate.
If the deceased did not leave a Will, then it is usual for a beneficiary to take on the role of estate administrator. Again, they can deal with the administration themselves or use a solicitor.
What is probate?
The term probate is generally used to refer to the process of winding up someone’s estate after their death. A Grant of Probate is the legal document which gives the estate’s executors the authority to carry out this process.
When people refer to the time taken to deal with probate, they generally mean the whole procedure, up until the final estate accounts have been prepared and the estate’s assets distributed to the beneficiaries.
What are the stages in an estate administration?
The main stages in estate administration are as follows:
- Obtain a death certificate
- Make arrangements for the funeral
- Identify and value all of the estate’s assets and liabilities and advise all institutions of the deceased’s death
- Calculate whether Inheritance Tax is payable
- Complete numerous Inland Revenue forms
- Pay Inheritance Tax, if this is due
- Submit the Inland Revenue forms
- If a Grant of Probate is required, apply to the Probate Registry for this. Alternatively, if there is no Will, then the application is for a Grant of Letters of Administration
- Decide whether statutory advertisements are required to locate creditors or beneficiaries
- Once the grant is received, send an official copy to the asset holders and collect in all assets. This can include clearing and selling property
- Clear all of the estate’s liabilities
- Prepare detailed estate accounts
- Distribute the estate to the beneficiaries named in the Will or, if there was no Will, to those entitled to inherit under the Rules of Intestacy
How long does probate take?
The probate process can be lengthy, particularly if there is a property to be sold. Executors are allowed a year to deal with the estate administration, during which time there is no obligation to pay the beneficiaries.
It is important to keep matters progressing during this time, as some of the stages can be lengthy. For example, if the Probate Registry is busy, they might take many weeks to issue the Grant of Probate or Grant of Letters of Administration. It is not possible to sell a property until the grant is received.
If an estate administration takes longer than a year, this is generally accepted, provided the executors are taking steps to move the process forward.
It can be helpful for executors to update beneficiaries as to progress and the cause of any delays to try to keep relationships positive.
For executors or administrators who do not have the time to devote to winding up an estate, or who may not have the knowledge necessary to complete the Inland Revenue forms or prepare estate accounts, using a professional probate solicitor is generally recommended.
This can also be helpful in avoiding disputes, as the process will be out of the executors’ hands, and beneficiaries may be more rational when dealing with a third party.
Contact Us:
If you would like to speak to one of our expert estate planners, ring us on 01634 353 658 or email us at rob@pembrokewillwriters.com.