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Probate and Inheritance
My husband's Grandmother passed away in November and she has left a very large estate. I am curious to know, what is the process and approximately how long does it all take to go through, with the relevant parties receiving inheritance?
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Very briefly and oversimplifying wildly:
the executors of the estate list all the assets and value them (can take a few months even in relatively simple cases)
they then apply to the probate office for probate and pay any inheritance tax due
having received probate they then collect in all the assets, selling them where necessary (again several months - probably longer if a house sale is involved)
They may need to advertise for creditors and maybe trace some of the beneficiaries
Finally they pay the beneficiaries or transfer assets to them
I doubt if you'll see anything before 6 months to a year
the executors of the estate list all the assets and value them (can take a few months even in relatively simple cases)
they then apply to the probate office for probate and pay any inheritance tax due
having received probate they then collect in all the assets, selling them where necessary (again several months - probably longer if a house sale is involved)
They may need to advertise for creditors and maybe trace some of the beneficiaries
Finally they pay the beneficiaries or transfer assets to them
I doubt if you'll see anything before 6 months to a year
Dzug2 has it in a nutshell. My mother in law died end of February, very straightforward Will and it was completed end of August. We were lucky that her property had been up for sale since previous November and had a buyer who were prepared to hang on for probate. If you have to sell a property before the estate can be distributed it's a case of how long is a piece of string???
http://www.direct.gov...eparation/DG_10029716
This will help
This will help
Thanks for your responses. That info really helps. There is no property to sell as this was done shortly after she went into a care home. I am led to understand she many stocks and shares and also that there will be many beneficiaries. Does anyone get told what they may receive before it is all divided up, for example a reading or something?
Will readings only exist in Agatha Christie and Victorian three part novels
You may get told in advance, maybe not. The executors are under no obligation to tell you and may well prefer not to in case something unexpected happens and they get it wrong. The will becomes 'public' when probate is granted
You may get told in advance, maybe not. The executors are under no obligation to tell you and may well prefer not to in case something unexpected happens and they get it wrong. The will becomes 'public' when probate is granted
One important bit that has been left out is that after any tax due is paid, any debts left by the testator must be settled and items like funeral expenses covered. There can also be negotiation if all executors agree (NOT all beneficiaries) e.g. beneficiaries can take shares or jewellery instead of everything being sold and the result shared out in cash.
When my father passed away we were living in the same bungalow as joint owners and I had all his money listed on a spreadsheet.
I visited his bank 7 days after he passed away with his death certificate and they asked me if I had any photo ID and I produced my driving licence.
They asked me if I was the beneficiary of his will and I stated I was and after I signed a form his money was paid into my bank account 3 days later.
The same happened when I visited his Building Society and a life assurance company paid me as I was the named beneficiary on the policy.
Other institutions would not pay me anything until probate was obtained which took 4 months.
The bungalow was in joint names and it went into my sole name after the probate had been obtained but I could not sell it until probate came through. I am still in the bungalow so this was not a problem as I could obviously live in it while probate was being obtained.
In practice I had about 90% of my fathers assetts the day my father passed away ie the bungalow. Another 5% within 2 weeks of my fathers death and the rest took about 4 months to obtain.
Amy
I visited his bank 7 days after he passed away with his death certificate and they asked me if I had any photo ID and I produced my driving licence.
They asked me if I was the beneficiary of his will and I stated I was and after I signed a form his money was paid into my bank account 3 days later.
The same happened when I visited his Building Society and a life assurance company paid me as I was the named beneficiary on the policy.
Other institutions would not pay me anything until probate was obtained which took 4 months.
The bungalow was in joint names and it went into my sole name after the probate had been obtained but I could not sell it until probate came through. I am still in the bungalow so this was not a problem as I could obviously live in it while probate was being obtained.
In practice I had about 90% of my fathers assetts the day my father passed away ie the bungalow. Another 5% within 2 weeks of my fathers death and the rest took about 4 months to obtain.
Amy
financial institutions now have an upper limit on the amount of cash that they will pass over before probate is granted. At Lloyds bank, for instance it is 5,000. The form that you sign indemnifies the bank against their paying out to the wrong person. Life insurance policies pay out to the beneficiary named on the policy regardless of any will.
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