Probate, Inheritance and Wills
Once you have received a letter of administration, or a grant of probate, on average it takes between 6 and 9 months to transfer all the assets, property and funds of an estate to the beneficiaries of a will.
Even if you had power of attorney during someone's lifetime, you do not automatically retain control of assets after death.
You will still have to apply for probate if someone's estate is valued over a certain amount.
On average it takes between 6 months and a year for the process of probate to be completed.
However, it can take longer in the event that an executor has delayed their duties or if the estate is particularly complicated.
If the executor fails to manage the estate correctly and distributes assets to the beneficiaries before the paying taxes or creditors they could be liable for any money that is still owed.
Each financial institution sets its own limit on what is required for probate, this ranges from £5,000 to £75,000.
It is a myth that you do not require probate if the estate is worth less than £15,000, although this can sometimes be the case.
In the event that there are debts and money owed against the estate, items may have to be sold for cash that will be used to pay them.
This, in turn, may leave a beneficiary with no inheritance at all.
It depends on the language of the will if the will does not specifically disallow a sale, the executor of a will can sell a property without the consent of the beneficiaries.
Only if they are named as the sole beneficiary of the will. The executor of a will is supposed to distribute the assets, or money raised from sales of assets to the heirs.
If the assets of the deceased are solely in the deceased's name, then probate is required to transfer those assets to the beneficiaries of the will.
Executors do not have to inform the beneficiaries of a will until it comes to the point that they have to pay out.
With the exception of legal action, there is nothing that can be done to get the executor of a will to do the right thing, they do not need to employ a solicitor unless the will specifically states that they must.
The beneficiaries of a will are afforded certain protections and rights under the law, this is afforded under the grant of probate.
The beneficiary does not own the property until the time the executor actually distributes the will.
In a valid will, the executor of the will is named. This is often a friend or family member of the deceased.
Sometimes these services can be paid for, however, they are not compensated by the beneficiaries directly.
Yes. It is perfectly legal and normal for an executor of a will to also be a beneficiary of a will.
However, sometimes this is not the case.