11 Months – The average Time It Takes For Probate
Planning ahead where probate is concerned is a wise idea if you’re to receive any inheritance you’re due in a timely fashion. New research has revealed that while 37 per cent of people say they would expect to receive their inheritance within four to six months of someone passing away, the average time it takes to complete a case is actually 11 months.
The Co-op study has found that there are even some very complicated cases that can take more than eight years to complete, although there are some that have been finalised inside 60 days in the past.
The term ‘probate’ refers to the legal, tax and financial processes that are involved in dealing with the assets (possessions, money and property) of the deceased. Before the next of kin or the person named as executor in the will can administer an estate they may have to apply for a grant of probate. However, depending on the value of the overall estate and the way in which assets are held, this may not be necessary.
Making a will is wise so your wishes are clear and legally binding. Talk to your chosen executor about the will in advance if possible so they know what you want and so they know where your assets are, as well as the likes of bank account details and so on.
Head of probate at Co-op Legal Services Gavin Holt commented: “Having to navigate through all the forms and paperwork can be tricky and it doesn’t help the grieving process. There isn’t a one option fits all approach when it comes to probate, so executors and relatives should consider if they feel able to take on the responsibility alone, or if they would feel more comfortable asking for help from a probate solicitor or other specialist in the field.
“As with all legal work, it’s very important to get probate right, and a lot of peace of mind can come from handing it over to an expert.”
When someone dies, the responsibility of dealing with the assets and liabilities of the deceased will have to fall to someone – and more often than not it falls to those who were closest to the person who has sadly passed away. At this difficult time, it can be hard to know what to do and where to turn but the experienced and sympathetic team at Lennon’s is here to help.
If there is no will in place, the next of kin might have to apply for letters of administration and will need lots of advice on who is entitled to receive the assets in question. We can deal with all aspects of administration in a sensitive but efficient and proactive way.
This can include submitting tax returns to HMRC, applying to obtain probate, collecting assets and so on – and we’d be glad to help you as little or as much as required. Get in touch with us today to find out more.Tags: probate solicitor