Delaying Probate or Claiming Funds in Bank Accounts

lookforwards

Hello

If you inherit some money and decide to apply for probate yourself, is there a time limit to make such an application? I understand that the Inheritance tax forms have to be completed within a certain period of time, but what about probate?

Also after you have obtained probate how long can you delay claiming funds from the frozen bank account that belonged to the deceased?

The reason for my question is because I am looking for some legal ways to avoid tax by delaying the transfer of the funds into my name. So where better than to leave them frozen in their original account for a period of time?

Thanks for looking and your advice :-)

jvak

Not sure there is any time limits as such - I know when we went through the process for my late Fathers estate my Sisters concern was that if we left it too long the "heir hunters" would try to pick it up along with their fees.

Quick Google brings up;

Is there a time limit on applying for probate?

Though there is no time limit on the probate application itself, there are aspects of the process which do have time scales. Inheritance tax for example, is a very important part of attaining probate in the first place and must be done within 6 months of date of death. The payment of inheritance tax is vital and must be completed before probate courts can issue a grant of probate.
Sorry - this site won't allow me to post website reference.

badger09

lookforwards wrote: »

Hello

If you inherit some money and decide to apply for probate yourself, is there a time limit to make such an application? I understand that the Inheritance tax forms have to be completed within a certain period of time, but what about probate?

Also after you have obtained probate how long can you delay claiming funds from the frozen bank account that belonged to the deceased?

The reason for my question is because I am looking for some legal ways to avoid tax by delaying the transfer of the funds into my name. So where better than to leave them frozen in their original account for a period of time?

Thanks for looking and your advice :-)

How do you know you have inherited some money?

Who are the executors?

Is Probate necessary?

Is the estate liable to IHT?

What tax are you trying to avoid?

Keep_pedalling

As a beneficiary you are not subject to any tax on your inheritance so I don!!!8217;t see how delaying probate could save you tax.

Owain_Moneysaver

Remember that while property/funds remain in the estate they are liable to income tax and capital gains tax on the estate, with no personal allowances.

Yorkshireman99

badger09 wrote: »

How do you know you have inherited some money?

Who are the executors?

Is Probate necessary?

Is the estate liable to IHT?

What tax are you trying to avoid?

Possibly the OP is trying to avoid benefit reduction? He alos needs ro rememebr if he is an executor his primary responsibility is to the estate and he must put that before his own interests.

Dox

Owain_Moneysaver wrote: »

Remember that while property/funds remain in the estate they are liable to income tax and capital gains tax on the estate, with no personal allowances.

Executors have a CGT allowance in the year of death and the 2 following years. See https://www.gov.uk/guidance/capital-gains-tax-rates-and-allowances