Preventing Probate Delays: Navigating Probate Efficiently

When a person dies, you must get a Grant of Probate if needed. You cannot collect or sell estate assets without it. For example, you cannot sell a property.  Preventing probate delays is a tricky task. We look at what you need to do and also examine the benefits of using a professional.

Managing the administration process takes a lot of time. This happens even after you receive the grant. We offer tips to deal with it promptly. This helps you finalize matters. It also helps you pay the beneficiaries.

Find the relevant paperwork

The first step is to find all of the relevant paperwork. This includes bank statements, share certificates, details of investments, credit card statements, and other information relating to the deceased’s assets and liabilities. You must notify each asset holder and creditor of the death and provide them with an official copy of the death certificate.

Identify and value assets

Make a list of the deceased’s assets and ascertain their value. This includes valuable items such as cars, collectibles and furniture. When writing to banks and investment companies to advise them of the death, ask them for a valuation of the deceased’s holdings. For other assets such as property, you can check online sites for valuations or ask an estate agent or other professional to give you a probate figure.

Ask for professional help with the application

The next step is to calculate the value of the deceased’s estate. This lets you know whether inheritance tax is payable. If it is, this must be paid before you apply for a Grant of Probate.

Calculating inheritance tax can be hard and you may want to ask a probate professional to help. For example, some aspects of the tax are paid on a sliding scale and it is not always straightforward to work out the rate.

A probate professional will also be able to discuss ways of paying the inheritance tax.  For example, filling in an HMRC form to request payment directly from the deceased’s bank account. The are many forms to fill in to accompany the payment, one for each type of asset and liability, and your advisor will also be able to do this on your behalf.

Once the payment has been made and forms submitted, they will then apply to the Probate Registry for a Grant of Probate.

how long does it take for probate to be granted?

Probate takes between 9 to 12 months to complete in many cases.  By engaging a professional, you can greatly reduce the risk of errors and omissions, which could delay the process.

Respond promptly to enquiries

Once the grant is received, you should send it straight out to all asset holders and ask them to close any accounts. During the administration period, responding immediately to enquiries can reduce the time take to wind up the estate.

Put aside enough time

Administering an estate can take a lot of time. It’s tempting to wait for a large block of time to deal with it. However, you should set aside time regularly to avoid delays. If you worry you won’t have enough time, you can ask a probate professional to handle the administration for you. They can respond to queries immediately.

Chase regularly where necessary

It is worth diarising the stage you have reached with each asset holder and creditor.  Check that they respond to you within a certain period of time.  If not, chase them regularly to avoid just one or two organisations holding up the whole procedure.  Winding up an estate always take time.  Avoid delays so you can prepare the final accounts and pay the beneficiaries within a reasonable timeframe.

Contact Us

If you would like advice on dealing with probate or the details of a probate professional please call us FREE on 0800 781 6658 or email us at enquiries@estplan.co.uk