Everything can seem rather a rush after someone has died, and it probably hasn’t even crossed your mind to file the will. There is so much to do, so many loose ends to tie up, and filing the will just seems like one more job to do that has to be done right now.
The amount of time you have to file a will…
The good news is, there are no time limits when it comes to applying for probate. Bear in mind, though, that until you have the grant of probate, you won’t be able to divide the estate as per the instructions in the will, so although there is no particular time frame that needs to be taken into account, you might want to make applying for probate a priority in order to execute the will successfully.
There are, however, time limits for inheritance tax payments, so if the estate you are dealing with is worth more than £325,000 (or £650,000 if it was passed to the surviving spouse who then passed away) then 40 percent of anything over than amount will need to be paid to the Treasury within one year.
Don’t leave the estate in ‘Limbo’
Applying for probate is probably going to be the last thing you feel like doing when a loved one passes. The longer you leave it, the longer the estate will be ‘in limbo’. It’s true that you will need time to grieve, and to arrange the funeral and secure any empty properties. But more so, it is important to organise the distribution of the estate as well. Without probate, you won’t have the legal authority to handle any of the affairs of the diseased. Also, if things take too long, you may find that the beneficiaries become impatient; and request that you let someone else be executor.
So if you’ve found yourself in a position where you need to file a will, don’t worry. Like we’ve said no time limits are in place, so you can act when you like. Our team of professional advisors are capable of helping if you’re confused. Contact us or call us on 0203 985 9554
