7 Steps to finalise a Probate during Covid
How long does Probate take?
The administration of an estate (often called ‘Probate’) can take a while, but this is dependent on the facts of the estate itself.
Below is an outline of an average estate based on the current timescale during Covid-19, but timescales can vary dependent on circumstances.
-
Step One – Collating information
This step requires writing to all the assets and liabilities involved to obtain death of death balances for the person who has died. All accounts will be frozen. Once all companies have replied, the Probate Papers can be completed.
Time: This is totally dependent on the companies length of time to respond, but at present is around 1-3 months.
-
Step Two – Complete the Probate Papers
This step requires the completion of the Inheritance Tax Form and the Legal Statement or Probate Application. Your solicitor will compile these and the executor(s) of the Will will need ro sign these.
Time: 1-2 weeks
-
Step Three – Obtaining the Grant
After the Probate Papers are signed, they will be sent to the Court. The court will check them and once satisfied, they will issue a Grant of Representation.
Time: 2-3 months (non-taxable, simple estate) or 3-5 months (taxable or complex estate)
-
Step Four – Collecting Assets
Once the Grant is received, it can be sent to the companies to close their accounts and liquidate the funds.
Time: 1-2 months (no property) or 4-5 months (property) Again, this is totally dependent on the companies length of time to respond.
-
Step Five – Paying Liabilities
Once funds are received, all liabilities can be paid off.
Time: 1-2 months – runs concurrently with Step Four
-
Step Six – Prepare Estate Accounts and collect beneficiary information
When all assets are received and paid, estate accounts will be able to be completed. These accounts will detail all funds in and out of the estate.
Time: 1-2 weeks
-
Step Seven - Payment
When the Estate Accounts are confirmed by the exeutors, final distribution is made.
Time: 1-2 weeks
Depending on the type of estate and how quickly each step takes place will determine the overall timescale for probate administration and you are looking at a period of months rather than weeks.
For support with probate administration, dealing with a deceased's person's estate or finances and general advice about what to do following a death of a family member, please do contact me and I can provide helpful advice. In the meantime, you might find our "How to Register A Death in the Family" a useful guide.
I look forward to hearing from you.
Phoebe Tranter, Solicitor, Probate & Wills, Lawson-West Solicitors, Leicester
ptranter@lawson-west.co.uk 0116 212 1000.
