Following Receipt of the Grant of Probate

Once Probate has been received, copies are then sent to relevant organisations together with the signed forms to encash or transfer the assets, depending on the executors' instructions on the same.

An estate liable to inheritance tax normally takes several more months to wind up than a non-taxable one.  This is because the HM Revenue and Customs take time to assess cases, and correspond with us about particular aspects of the case.

Whether an estate is taxable, and if so the amount payable, can depend on a number of factors including whether the deceased:

• had any interest under a trust at any time during the seven years prior to death; or
• had made any lifetime gifts.

The executors must fully investigate these points.

There are numerous inheritance tax exemptions and reliefs.  In general, taxable lifetime gifts will be those made not more than seven years before death, certain small gifts made each tax year being disregarded - see Inheritance Tax Exemptions and Reliefs

The delays in winding up a taxable estate may also be due to the time taken to:

• obtain final clearance from HM Revenue and Customs;
• negotiate asset values with HM Revenue and Customs;
• agree income tax/capital gains tax position at the date of death.

During the administration of an estate the file is regularly reviewed and progress reported to the executors.  Estate accounts are prepared and copies sent to the executors for approval.  Inheritance tax clearance must first be obtained before winding up a taxable estate.  Once the executors have approved the final estate accounts, the estate can then be wound up and what remains distributed to the beneficiaries.