As with our likely costs, it is extremely difficult to give you an exact idea of the likely time it will take to deal with the administration of an estate as this will depend on a number of variables. However, we set out below the likely timescales of the stages in dealing with the administration of an estate:
- Collating the necessary information to allow us to apply for the Grant of Representation and preparing and submitting the application to extract the Grant – 3 to 6 months from the date of death depending on (but not limited to) the following factors:
- when we are instructed;
- the number of assets and liabilities information is needed for; and
- the availability of the information required from third parties.
- Collecting in the deceased's estate, settling all liabilities, paying any inheritance tax due, settling all income tax and capital gains tax matters (including those relating to the deceased's lifetime), paying any pecuniary legacies, dealing with any specific legacies and making the distributions to the residuary beneficiaries – 12 to 24 months from receiving the Grant of Representation depending on (but not limited to) the following factors:
- the number of assets and liabilities within the deceased's estate;
- how quickly HMRC approve the information returned to them and agree the inheritance tax due (if any);
- whether it is necessary to negotiate the value of any particular assets within the deceased's estate with HMRC or their agents;
- how long it takes for a sale to be agreed of any property;
- whether it is decided to defer the sale of any investments because of market conditions;
- whether all of the beneficiaries are easily located;
- the time frames in which third parties act on instructions; and
- when the relevant income tax and capital gains tax information is provided by third parties.