It can sometimes be confusing as to how long probate will take.
To make it as easy as possible we will outline the causes that largely lengthens the time taken for completion. As well this, we aim to define the variables contributing to the question of how long does probate take.
What Factors Contribute to How Long Probate Takes?
Obtaining the Grant of Probate is an essential part of the estate administration process. When trying to understand this process, one of the elements to consider is the length of time probate will take to complete.
Executors are unable to administer the estate until the grant has been issued. Ideally, this would be achieved within three to five weeks. Occasionally complications can occur, for instance inheritance tax to pay or mistakes in the submitted forms which can slow the Grant of Probate.
The primary factor affecting the completion of probate is the complexity of the estate. This is a time-consuming practice which deals with the collection of all of the assets and the selling or disposal of these in accordance with the will.
Another factor affecting the Grant of Probate can be where various institutions (such as banks, insurance companies and investment agencies) work to their own timescales which results in extending the administration period.
There are circumstances which can delay the completion of probate by two years, such as an interruption in a property sale. Thankfully, this is a rare occurrence.
Once all assets have been sold or transferred, the estate accounts can be completed. Any outstanding tax can be paid prior to beneficiaries receiving their legacies. This step can take a substantial period of time as it is dependant upon the time taken for beneficiaries to respond with information.
How Long Does Probate Take If Administered by a Layperson?
It is possible to administer the estate oneself. However, as mentioned probate is not an easy task. The probate process can be stressful, time-consuming and expensive if not completed in line with strict regulations. We believe it is certainly worth, if nothing else, understanding what you are paying for.
Probate is for many, an unfamiliar and complicated process faced at a distressing time. If you are unsure if the estate needs probate or you do not know what you need to do, please do not hesitate in contacting Dean Steele on 01722 410009.