How long will it take to deal with the estate?
Personal representatives have at least a year before they have to distribute any of the estate. Normally an estate can be dealt with faster than that.
Potential claims causing delays
- Any continuing legal disputes either for or against the estate
- Any debts claims from creditors and the use of statutory advertising to avoid personal liability for the personal representative
- Any estate interests in businesses
- Sorting out pensions and benefits agencies
- Sorting any disagreements between family members over assets
Tax and valuation delays
- Valuation of assets for HMRC – collating information and preparing statements of assets and liabilities for inheritance tax
- Income tax and capital gains tax assessment and administration time
- Collecting in assets, which becomes particularly slow when intending to sell property as part of the estate
- Sending copies of the death certificate to asset holders to obtain confirmation of any assets belonging to the estate
- Obtaining a valuation of any property and personal affects if necessary
- Any enquiries as to any foreign assets which may be within the estate
Beneficiaries
- Tracing beneficiaries if necessary, informing them of any potential inheritance
- A six month time limit for family members to bring family provision claims (see ‘Are there any risks involved in being a personal representative?’)