Winding Up the Winding Up Process

As we approach the end of another year, there can be pressure to finish up half-completed jobs and tie up loose ends. This is understandable: we all like the idea of crossing everything off our to do list before the festive break and the turn of the year.

With this in mind, if you’re currently navigating the probate process, you might be keen to make significant progress over the next few weeks. Whether you’re hoping to complete whatever stage you’re working on, or whether you’d really like to have the whole thing finished in time to celebrate Christmas, we can certainly understand where you’re coming from.

How long will it take to complete the process of administering an estate?

 Unfortunately, it’s impossible to give a straight answer to a question like this. The answer is different in each individual set of circumstances, and will depend on variables such as:

• The size and type of the estate.
• Whether there are any houses or flats that needs to be cleared and sold.
• How well organised the estate paperwork is, and how long it takes to assess it.
• Whether there are any cross-border assets.
• Whether it is necessary to apply for a grant.
• Whether there will be any inheritance tax to pay.
• How long it takes for probate to be granted.
• Whether any further information needs to be provided to the Probate Registry or HMRC.
• How long it takes to hear back from the relevant financial organisations.
• How many debts are held by the estate, and how easily available the funds are to pay them off.
• Whether the estate is owed money by anyone else, and how long it takes to collect funds in.
• Whether there are any disagreements about how the estate should be handled or distributed.

With so many factors involved, it’s hardly surprising that winding up an estate after someone’s death can be such a complex and drawn-out process. This can be extremely frustrating if you’re the person responsible for managing the estate, as you are unlikely to want to have the responsibility of it hanging over you for a long period.

Will you be able to finish everything in the next few weeks?

 Again, the answer to this question depends on how far along you are in the process. If you have completed almost all the stages of the probate process (you can read a breakdown of all these stages here) and are onto the final task of distributing the estate to the beneficiaries, then there’s every chance that you could get everything finished by the end of the month.

However, if you are not quite so far along in the process, this is less likely, especially if you are still waiting to hear from the Probate Registry or HMRC. In situations like these, it might be better to focus on breaking down the process into stages and focusing on the parts you can control.

Below, we’ve shared a few words of advice for anyone who has found themselves ‘stuck’ as a result of one of the most common hold ups in the process of administering an estate.

What if you’re waiting for probate to be granted or to hear back from financial organisations?

 In recent years, delays at the Probate Registry have been responsible for many long waits. Generally speaking, the Probate Registry aims to issue most grants within 12 weeks, but it can take longer. There can also be delays if the Probate Registry need to request additional information from you.

Even once you have received the grant, it can take some time to hear back from the relevant financial organisations and actually gain access to estate accounts.

Our advice in this situation is to make sure you have familiarised yourself with what happens once you are able to start dealing with the estate finances. There is a specific order that bills and debts need to be paid off in; not doing this could result in you being personally liable in the event of any later complaints.

You will find a detailed breakdown of what is required in our free ebook What to Do When Someone Dies; A Guide to Your Financial Responsibilities.

 What if you’re waiting for property to sell?

 The process of administering an estate often involves selling property on behalf of that estate. This can be particularly unpredictable in terms of timescale, as you are reliant both on the amount of time it will take to find a buyer and on the amount of time needed for the conveyancing process.

If you’re currently being held up by this, we’d recommend doing as much of the work as possible to clear and prepare the property for the completion of the sale. You might also find it helpful to make a plan for the next steps as soon as the sale is completed, including paying any inheritance tax that may be due and ensuring you have the correct financial details for all beneficiaries.

 What if you’re waiting for a dispute to be resolved?

 If you are administering an estate that is subject to a dispute, this is likely to be a very stressful situation. In situations like these, it will be very important to have access to specialist legal support. We’d recommend seeking advice from your legal team about what – if anything – you can do to make progress with the estate while you are waiting for the dispute to be resolved.

 Can we help?

If you’re keen to make progress on winding up an estate, we’re here to help. Whether you’re in need of expert advice to help you untangle a tricky situation, or whether you’d just like to hand the task over to the professionals, please don’t hesitate to get in touch.