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Selling the property

Selling a house as part of an estate can take several months, depending on market conditions and the complexity of the estate.

Simple estates with few complications may see quicker sales, while complex estates might take longer.

Probate solicitors often advise that patience is crucial during this stage, as rushing the sale can impact the final value received.

Distributing assets

Once the property has been sold and the funds transferred to the estate’s bank account, the next step is distributing assets to the beneficiaries.

However, this cannot occur until all outstanding debts and liabilities have been settled from the deceased's estate.

The executor has legal authority and is personally liable for ensuring all creditors' claims are addressed before any distribution from the house sale.

Paying inheritance tax

Another critical step is paying any inheritance tax due on the estate.

This must be done before the remaining funds can be distributed to the beneficiaries.

Calculating and paying inheritance tax can add time to the whole process, especially if there are disputes over the valuation of the deceased's assets.

Timeline expectations

In most cases, beneficiaries can expect to receive their inheritance money a few months after the house has been sold and all of the estate's assets have been processed.
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However, several factors can influence this timeline:
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Complex estates: Estates with multiple properties, life insurance policies, and other assets can take longer to administer.
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Outstanding debts: If the deceased held significant debts, including outstanding mortgage payments, settling these can delay the distribution of inheritance.
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Legal complications: Disputes among beneficiaries or issues with the will can prolong the process.
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Tax liabilities: Addressing inheritance tax, capital gains tax, income tax and other estate taxes can add additional time.

Best practices

Following good practice throughout the estate planning process can help streamline the administration.

Engaging knowledgeable probate solicitors and maintaining clear communication with all parties involved can prevent unnecessary delays.

Executors should also ensure they follow the guidance of the Law Society and other regulatory bodies to minimise personal liability.

Be patient, and seek expert advice

The timeline for all the beneficiaries receiving inheritance after a property sale can vary widely, influenced by the complexity of the estate, outstanding debts, and legal requirements.
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While simple estates may see faster distributions, more complicated estates with a higher than average property price can take several months or even longer.
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Patience and professional advice are key to navigating this process smoothly.

At Maritime Capital, we specialise in guiding high net worth individuals through the intricacies of property-based estate planning and administration.

‍Click here to see all of our property services
Get in touch to learn how we can assist you in managing your estate efficiently and effectively.

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