Losing a loved one is hard and you might find that you’re overwhelmed by emotions.

If you’ve been named as the executor of their will, you might also face a series of significant legal and financial decisions, exacerbating your stress. Perhaps one of the largest of these decisions involves probate.

The probate process can be complicated and long. In fact, Which? reports that the number of cases taking more than 12 months rose by 134% between 2020 and 2023.

Continue reading to discover what the probate process entails, the cause of recent delays, and how it could affect you and your loved ones, both financially and emotionally.

Probate is the legal right to deal with your loved estate when they die

“Probate” is simply the term for acquiring the legal right to deal with a person’s estate after they pass away.

This includes identifying their assets, settling any debts, and distributing what’s left in line with their wishes.

The first step is usually to check if the deceased left a will. If they did, they may have named an executor to carry out their wishes.

If you’re named executor, you can either manage things yourself or appoint a professional to help. Then, you’ll usually need to apply for “grant of probate” before you can begin the process, confirming your legal right to administer the estate.

There are several reasons why probate delays are occurring

While the outbreak of the Covid-19 pandemic was some time ago now, a backlog began in the midst of lockdowns and is one reason for delays. Probate offices slowed down or shut entirely, and there was a rise in deaths.

The government has also moved many of its systems online. While this should speed things up in the long run, some processes are new and not always user-friendly. This is potentially causing confusion and further delays.

Looking ahead, there may be more challenges on the way. From 2027, pensions are likely to fall within the scope of Inheritance Tax (IHT). This could add more of an administrative burden, slowing things further.

3 ways probate delays could negatively affect you

1. You end up paying more in legal fees

Some probate solicitors might charge a fixed fee, while others charge by the hour. Either way, you might find that, the longer the process takes, the more expensive things become.

2. You might not receive your inheritance straight away

You might be planning to use an inheritance to gift money to children, overpay your mortgage, or top up your pension.

If funds are delayed, your plans might also have to wait.

3. You could have to pay an Inheritance Tax bill yourself

You typically have to pay an IHT bill within six months of a person’s passing. Otherwise, HMRC starts charging interest at around 7%.

If the probate process is delayed, you may need to pay the tax from your own pocket to avoid interest accumulating.

This could result in an increased financial burden at an already difficult time.

3 ways to view the delays in a positive light

1. You could secure some space to grieve

The last thing you want to do in the midst of your grief is make vital financial decisions.

Probate delays could create a natural pause. You don’t need to rush into anything, and this breathing room could help you feel more emotionally ready to deal with complex decisions when the time is right.

2. You have more time to reflect on your goals

An inheritance can be life-changing. It might help you achieve goals you previously thought unattainable, such as retiring early or supporting your children through higher education.

Probate delays could give you the opportunity to reflect on the things that matter most to you.

3. It might give you enough time to resolve any disputes

When someone passes away, emotions can run high, especially when money is involved.

Probate delays could give you more time to talk through things with your family and settle any potential disputes.

While the extra time might not completely eliminate conflict, it might reduce the likelihood of rushed or emotion-led decisions that could lead to lasting rifts.

Get in touch

At Optimum Path, we can’t speed up the probate process, but we could help you feel more confident and prepared for what’s ahead.

Be sure to contact us now to find out how our Chartered financial planners can help.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing.