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How long does granting of probate on a will take on average please?
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It can take a bit longer than you expect, although I don't know the average delay. The probate court can be quite finicky about the details. In my father's case they were suspicious of the handwriting of a witness signature on one of the documents: my aunt's handwriting bore a resemblance to my father's.
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Like a piece of string.
My father's took 2 years, but tht was complicated, involving a trust and numerous investments that took a lot of tracing because of name changes and old certificates.
You have to pay IHT before probate, which can't be assessed until it has been valued.
My mother's has taken 8 months so far, but is nearly done.
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Generic description of the process here:
www.gov.uk/wills-probate-inheritance/applying-for-a-grant-of-representation
Getting the grant itself is reasonably straightforward. The legwork is in gathering in details of the estate to get the grant and dealing with distribution afterwards.
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How long is a piece of string ? It depends on the complexity of the will - If it's straightforward one can do it oneself. Getting a solicitor to do it for you can make the process lengthier than it may need to be.
tinyurl.com/cvpf2dy - www.adviceguide.org.uk/wales
Some more info above.
Last edited by: VxFan on Sun 16 Dec 12 at 17:53
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>>How long is a piece of string
About as long as that reply, I reckon.
Way off to the side.......................................
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>> About as long as that reply, I reckon.
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>> Way off to the side.......................................
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I'm glad I'm not the only one who can't get the hang of this Tiny URL or whatever it's called.
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When my mother died there was no will, and I was the only beneficiary.
I did all the probate stuff myself, and it was not to bad. Think it only took a month or two in total, but the estate was fairly simple - small property, few accounts (current, savings etc) endowment policy, and I think that was about it. It came in under the tax threshold so that simplified things.
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>> About as long as that reply, I reckon.
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>> Way off to the side.......................................
I have put it through the wash and shrunk it down a bit.
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Sorry normally use Firefox but was using Safari as FF had slowed to the speed of a stunned slug. FF wraprounds !
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>> You have to pay IHT before probate
What happens if you can't afford the IHT? Do you have to take a loan somewhere? And if so, what if you can't get a loan for thousands?
Last edited by: Crankcase on Sun 16 Dec 12 at 16:59
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"What happens if you can't afford the IHT? Do you have to take a loan somewhere? And if so, what if you can't get a loan for thousands?"
www.hmrc.gov.uk/inheritancetax/paying-iht/find-money-to-pay/index.htm
Inheritance tax is normally due within 6 months of the end of the month of death.
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The secret is to prepare for it before death, friends mother had will up to date, had some fairly complex trusts transferred to management by same solicitor who held will, so after death probate took two months.
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IHT due = fairly substantial assets left by deceased
Sell some of the assets - shares/property and you do not need to borrow!
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you cant sell till probate is granted.
Last edited by: Zero on Sun 16 Dec 12 at 18:39
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Surely they cannot get what you do not have?
When you do get it, you pay it.
If the charge is more the longer it goes on, you either struggle to raise the money early or wait until you get your inheritance and pay the 'more'.
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>> Surely they cannot get what you do not have?
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Try being self-employed.
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>> Surely they cannot get what you do not have?
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>> When you do get it, you pay it.
It's quite simple. The executors raise a loan against the value of the estate. Given the limit for IHT is in the hundreds of thousands I doubt that is going to be a serious problem. Not saying it's just but it ain't that problematic either.
OTOH the testator can take out a whole of life policy payable to the beneficiaries/executors. That creates further probs 'cos it uses up the exemption for lifetime gifts but it's another way of dealing.
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According to solicitors involved in a deceased clients property we are dealing with at the moment it depends upon the Tax Office dealing with it. Some can apparently grant probate in a week (presumably where the will is straight-forward).
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Many thanks for all of this information, further incentive for people to "die tidy" and leave their affairs in order.
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>> What happens if you can't afford the IHT? Do you have to take a loan
>> somewhere? And if so, what if you can't get a loan for thousands?
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When my wife's aunt died in 2006, I was the executor, and we had to pay the inheritance tax before probate was granted. Assuming there are some savings in a bank account etc, you can ask them to advance the money. They will IIRC send you a cheque payable to HMRC, or perhaps they paid HMRC directly. Either way, it wasn't a problem for them, and they didn't make it difficult for me. They then deduct it from whatever is due when probate is granted. You can get the money for IHT from several sources, it doesn't all have to come from the same one. If all the money is tied up in property, there is no alternative other than to borrow the money. You will find that most organisations are very sympathetic and are helpful (except the Post Office Bank).
Although the online stuff is fine, I found it useful to buy an up to date book, with sample letters etc.
Lastly, you need to keep all the records to prove you have executed the will in accordance with the deceased's wishes, in case you are chosen for a spot-check in the future. If money has been left to anyone, whether friends, relatives, charities etc, make sure you get a signed receipt to prove they have had it.
HTH
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>> I found it useful to buy an up to
>> date book, with sample letters etc.
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Could you say what it is please? One I have seen recommended is:
"Wills & Probate: How to Make a Will and How to Administer the Estate of Someone Who Has Died" by Paul Elmhirst, ISBN 1844900185, published 2005 by Which? Books, price £11.99 or £6.50 online. It may be a bit out-of-date by now.
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I can't remember which one I bought, but a browse in Waterstones or similar will probably turn up a few! I did look before my last post to see if I still had it, but couldn't immediately see it. It wasn't the one you mention, as it only covered administering an estate. I'll have another look later, but it's possible I threw it away when we moved. As long as you buy a relatively up to date one, I doubt it matters which particular one you use.
One tip: make sure you keep a record of incomings and outgoings involved in administering the estate. Should you wish, you can offset any costs incurred in administering the estate against the income from the estate - e.g. cost of stationery, printer ink, postage, mileage, cost of probate etc. Some institutions will release funds from the deceased's estate before probate is granted if they are small sums, which can be useful for settling utility bills etc. I found a simple spreadsheet was very useful to keep track of the money side.
Don't be daunted by the task. I've actually done it three times. The first two were for my grandmother and mother-in-law, whose estates were so small that all we needed were letters of administration. As long as you go about it logically and in a controlled manner, it's pretty straightforward.
I've got my mother's to look forward to as well some time, which will be more difficult as I now live in Austria!!
Last edited by: Mike H on Tue 18 Dec 12 at 09:53
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Probate - Armel Coussine
