How long does probate usually take?
If you are an Executor and need to apply for probate, it is understandable to want to know how long it will take.
The probate process, has four key stages:-
- assessing the assets and liabilities,
- the application to the probate Court and the issue of the grant of probate,
- collecting in the various assets
- and paying liabilities and then distributing the estate.
In our experience, whether you can help from a specialist firm like ourselves does make a difference in terms of timescales. We know how the banks work, what forms they need, and who to contact, but must importantly, we have dedicated teams that specialise in the completion of all the compulsory Inheritance Tax returns that must be completed in every case.
The timescales understandably vary depending upon the type of case and the nature of the Deceased persons assets. For example, if the Deceased left a single bank account, or an insurance policy then probate can be straightforward, and can be obtained in a matter of 3-6 weeks. By contrast if the Deceased left a large estate with a property then this will take longer as clearly selling a property can take time, however even in most probate cases we find that we are able to finalise estates within several months.
What is important to understand is that Probate if handled correctly need not take a long time.
Duties of an Executor. Paying of Inheritance Tax
If the estate is over £325,000 and there is inheritance tax to pay, this means that probate must be applied for within 6 months and agreement reached with the Inland Revenue over the payment of any Inheritance Tax, which must be paid in full on cash assets and instalments on any probate property.
If you are an executor and need help applying for probate or need Probate Quickly? Call us now on 0845 568 4000.