How long does it take to receive inheritance from a will?

Receiving an inheritance can be a significant event in one's life, especially for high net worth individuals. The anticipation and planning for the future are paramount, yet the journey from the moment of a loved one's passing to when you finally receive your inheritance can be complex and time-consuming.

One of the most common questions beneficiaries have is: how long does it take to receive inheritance from a will?

At Maritime Capital, as Wealth Guardians specialising in UK property and serving family offices and private clients,we understand the intricacies involved with this legal process.

Our expertise positions us to guide and advise you through this period, ensuring a seamless transition of your inheritance.

Understanding the timeline

Unfortunately, there's no single answer. When a person dies, the timeframe for receiving your inheritance hinges on the complexity of the deceased's estate and the efficiency of the probate process.
This page explains the probate process and common delays you may encounter.

The duration it takes for beneficiaries to receive their inheritance hinges on several factors, making it difficult to pinpoint an exact timeframe.

Generally, the probate process, which is the legal procedure to settle the deceased's estate, plays a crucial role in this timeline.

Simple estates may see a resolution within six to 12 months, whereas more complex cases could extend to several years due to a long probate process.

Factors influencing the timeline

The probate process - how long does it take?
The initial step involves obtaining a grant of probate, a legal document that authorises executors to manage the deceased's estate.

The probate application process can vary in length, depending on the complexity of the will and estate. The probate registry must issue this grant before any distribution can occur.

Inheritance tax and other taxes

Executors are responsible for ensuring all taxes are paid before distributing assets. This includes inheritance tax, capital gains tax, and income tax on the deceased's estate.

Calculating and having to pay inheritance tax can be a detailed process, especially if the estate's valuation involves significant assets such as property or extensive investment portfolios.

Outstanding debts

Settling the deceased person's outstanding debts is another critical step. This may involve closing bank accounts, contacting pension providers, and liaising with creditors.

Only after all debts have been cleared can inheritance money be distributed to beneficiaries.

Estate administration

The administration of the estate encompasses gathering the deceased's assets, settling any debts and life insurance policies, paying taxes, and distributing the remaining assets and personal possessions to the beneficiaries.

The whole process involves a considerable amount of legal and financial work, including selling property, liquidating investments and closing the savings accounts of the deceased person.

Common issues delaying inheritance

Contentious probate: Disputes among beneficiaries regarding the will's validity or the distribution of assets by probate solicitors can significantly delay the process.

Complex assets: Estates comprising multiple properties, investments held in different jurisdictions, or business interests require detailed valuations and can complicate the probate process.

Incomplete documentation: Lack of necessary documents such as the death certificate, last will, or relevant financial records can stall the process.

Maritime Capital: your partner through the process

At Maritime Capital, we recognise the emotional and financial significance of receiving an inheritance. Our team of experts is dedicated to guiding you through this journey.

From advising on the probate process and potential probate costs to strategic planning on how to best utilise your inheritance in the coming years, we are here to ensure your peace of mind.

Understanding the complexities involved in estate administration and the legal requirements for distributing assets, our approach is tailored to meet the unique needs of our clients.

Whether you are the main beneficiary or one among several, our advice is designed to navigate you through the legalities smoothly and efficiently. Inheritance is not just about receiving money; it's about honouring the wishes of a loved one and making informed decisions that benefit your future. With Maritime Capital, rest assured that you have a partner who values yourlegacy as much as you do.

For further guidance and advice, visit Maritime Capital and allow us to assist you in safeguarding your inheritance and maximising your potential as a high net worth individual.

Get in touch.