When someone close to you passes away, the process of inheriting their estate can feel confusing and overwhelming on top of grief. Whether the deceased left a will or not, the journey to claim your inheritance can be long, and various factors may influence when you can access the funds or assets. Understanding the basics of inheritance rights, the role of the executor, and the probate process can help you navigate this period with more clarity and less stress.
What are your inheritance rights?
Your rights depend on the deceased’s estate distribution. As a residuary beneficiary, you inherit remaining assets after debts and specific bequests are settled. As a specific beneficiary, you’re entitled to a particular asset or sum. If there’s no will, intestacy rules determine who inherits, prioritizing spouses, children, and close relatives.
The role of the executor
If there’s a will, the executor manages the estate, collecting assets, paying debts, and distributing inheritance. Without a will, an administrator takes on this role. Executors must first obtain a Grant of Probate (or Letters of Administration if no will exists) before distributing assets.
This legal process is necessary to confirm that the executor or administrator is authorised to handle the estate. Only after this can they begin to distribute the inheritance.
Navigating the probate timeline
Probate is the legal process of administering an estate, and it can take several months to complete. The first step is applying for a Grant of Probate, which proves that the will is valid and that the executor has the authority to act. The process typically takes between 4-8 weeks, but delays are common. Factors like missing paperwork, disputes among family members, or a complicated estate can all cause the process to take longer.
Once the Grant of Probate is received, the executor will need to settle any debts and taxes before distributing the estate’s assets. If there are illiquid assets, such as property, it can take longer to sell them and divide the proceeds among beneficiaries.
In cases where you need access to funds before the probate process is complete, an inheritance loan can help. This is a type of loan provided based on the expected inheritance, which can assist with immediate financial needs during probate delays.
Contesting a will
In some cases, a beneficiary may feel that the will doesn’t reflect the deceased person’s true intentions. You might contest the will if you believe it is invalid or if you were unfairly excluded. Grounds for contesting include claims of undue influence, lack of mental capacity, or if the will was improperly executed.
However, contesting a will can significantly delay the inheritance process. Legal proceedings, especially when family members are involved, can take months or even years to resolve. It’s vital to seek legal advice if you plan to contest a will, as this can help you understand the best course of action and the likelihood of success.
Accessing your inheritance
Once all debts and taxes are settled and any legal challenges are resolved, the executor or administrator can distribute the inheritance. This could involve cash, property, or assets, depending on the terms of the will or intestacy laws.
If the estate includes property or other non-liquid assets, it may take longer for beneficiaries to receive their share. For example, if the house needs to be sold, it can delay your access to the inheritance. In such cases, an inheritance loan means you can access a portion of your inheritance ahead of time, which can be especially helpful if the estate includes assets that are difficult to sell quickly.
Understanding the process, your rights, and the potential delays can help you manage expectations and plan accordingly as you await your inheritance.
