15th March, 2021
There is no absolute rule to dictate how long a grant of probate will take in definitive terms, the length of time it takes to administer each estate will vary.
This variation in timescale will be dependent on how complex the estate in question, is. There may be assets or beneficiaries overseas, it may be a high value estate or there could be a large number of assets or beneficiaries.
In general terms we would suggest that obtaining the grant can take anywhere between 3 months and 6 months, followed by a further 3 to 6 months to complete the administration. There are, of course, positive exceptions to this rule whereby more straightforward estates can be dealt with in a shorter timeframe. However, it is also possible that particularly complex and/or valuable estates can take several years to reach completion.
Those responsible for administering the estate, more commonly referred to as the personal representatives or executors, have several duties including:
- Identifying if there is a valid Will.
- Identifying and valuing the asset and liabilities of the estate
- Reporting the value of the estate to HMRC and paying any Inheritance Tax due
- Applying for a Grant of Representation, either a Grant of Probate in the case that there was a Will or Letters of Administration where the deceased did not have a will in place, or the executors are not applying.
- Collecting the assets and settling the debts of the deceased
- Responding to any claims that may be made against the estate.
- If there is any income or Capital Gains tax to pay, reporting this to HMRC and paying the tax due.
- Preparing Estate Accounts, detailing the financial position of the estate
- Correctly identifying and distributing the estate to the beneficiaries
Battrick Clark Solicitors of Bristol offer all the help and legal advice you will need if you are Executor of a Will and need to deal with the issues involved in obtaining a grant and the administration of the estate.
To learn more about how Battrick Clark can assist with Wills and Probate please visit https://www.battrickclark.co.uk/wills-probate/administer-of-estates/
If you have any further questions, please do not hesitate to contact us