Probate can be a very important process when dealing with the financial affairs of a recently deceased loved one, which is why it is always important to involve specialist probate solicitors.
Indeed, the system has become more complex in recent years and is set to become even more difficult to navigate in the near future, which means you not only need the experts, but may need to prepare yourself for significant delays.
Evidence of this has been established by financial advice and pensions provider Quilter, which submitted a Freedom of Information request to the Ministry of Justice. This revealed that the number of probate cases taking over a year to be granted has risen by 134 per cent over the past three years.
Since 2020, the number of cases taking more than six months is up by 209 per cent, with waits of more than nine months by 163 per cent. There was also a 112 per cent rise in cases taking more than 18 months and a 132 per cent increase in waits of between 21 and 23 months.
This contrasts with the government’s position that a probate application should be granted within 16 weeks, highlighting the level of shortfall.
As IFA Magazine noted, the consequences of such delays can be very serious, ranging from stress and frustration to tax liabilities, lost investment opportunities and depreciation in the value of properties, especially if they fall into disrepair in the meantime.
Head of retirement policy at Quilter Jon Greer said these “huge delays” were already causing great problems for grieving families, but warned matters could get worse, as pensions will become part of taxable estates from April 2027.
“Pension schemes often remain unaware of a member’s death immediately, delaying legal and tax processes,” he explained, adding: “This means legal personal representatives will face an even greater burden, consolidating information across multiple pension schemes.”
Mr Greer also claimed that plans to impose penalty charges for late payment of inheritance tax could end up being imposed on families who are not to blame for such situations arising.
He advised one way people could prevent such a situation from arising when they pass on would be to place money in trusts, gift money to loved ones and make a will to make matters easier for executors.
Probate solicitors will be well aware that all kinds of problems can arise when somebody dies intestate, with potential delays in the granting of probate adding to the challenges that executors will face.
Getting a will in place will mean executors will be in place and will know their role, the question of who inherits what will be clear, and family disputes will be less likely.
However, the majority of Britons do not have a will, with a survey by Co-op Legal Services published last November revealing that only 28 per cent of adults claim to have a will in place, meaning there are 40 million people who would be intestate if they died tomorrow.
The survey of Co-op members found that 19 per cent of people believe they do not need one, while 51 per cent said they just hadn’t got round to it.
