Inheritance mistake could leave grieving Brits 'waiting years' to access funds

Beneficiaries could be waiting two years or more to finish sorting the estate of a dead loved one due to a problem with their inheritance

Navigating inheritance while you’re in the throes of grief can be a perilous task, but the COO of The Estate Registry is warning Brits against three common mistakes, one of which could leave them waiting years to get access to the funds and assets they deserve. The first of which is just some simple advice: “Don’t wait for probate.”

Howard Enders explained that procrastinating this task in the weeks after death can extend your wait for inheritance by 2 or more years. Probate is the first legal step beneficiaries have to take which proves in the eyes of the law that a will is valid as the last testament of the deceased and can arrange who is in charge of handling the estate.

The expert admitted: “There is a general lack of education regarding probate and what happens when you or a loved one passes. Unfortunately, many underestimate the time it takes to receive an inheritance when going through the probate process. Ultimately, this can take over two years, most of the time leaving beneficiaries under significant stress during an already difficult time.”

He encouraged people to streamline this process for their heirs by ensuring their will is as comprehensive as possible and setting up estate plans. This can also include tools like trusts which enable your beneficiaries to get their inheritance quicker and more efficiently.

Probate delays can also cause issues with Inheritance tax, with some situations seeming like the cart is going before the horse as the bill could be due before beneficiaries get access to the funds. However, there is a way out of this debacle with inheritance advancements.

The expert encouraged Brits to look into this as it can provide a financial lifeline while your beneficiaries are grieving or dealing with the legalities of receiving your assets. He said: “Essentially, an advance is deducted from your total inheritance; there is no out-of-pocket cost, credit or income check. It is a true advance - not a loan! Estate executors can facilitate the process and ensure it aligns with the will. Consulting a financial advisor or attorney is also wise to understand the implications.”

Howard also issued a warning specifically for Gen Z, the oldest of which are around 27 years old now, to start looking at estate planning. He explained the seemingly extreme forward-planning tactic: “With many of you investing in unique assets like cryptocurrencies and managing social media accounts, it’s crucial to start planning now. Many don’t realize that estate plans can and should be adjusted to meet your changing needs at any time. Resources like our estate management platform simplify the process, making it easy to start.”