Inheriting an item

gillinger4

Hello, I'm new on this site and live in England. I'm just doing a bit of research on wills and inheritance etc and I can't seem to find anything regarding how long a person would have to wait to receive an item left in an inheritance. My uncle has a painting that he would like to leave to a friend. Assuming that this painting is valued correctly at the beginning of the probate process (it's probably worth around £3000) how long would it be before he could take possession of it? I've heard of probates taking anything up to a year to complete and my uncle
would hate to think of it just sitting in storage somewhere, gathering dust, when his friend could be getting the pleasure of seeing it hanging on his wall.

Thanks.

unforeseen

It will take as long as it takes the executors to be in a position to distribute the estate. Could me months, years or anywhere in between.

getmore4less

There is the option that the painting is gifted prior to death but remains on loan to the original owner.

They take possession immediately.

Marcon

gillinger4 wrote: »

Hello, I'm new on this site and live in England. I'm just doing a bit of research on wills and inheritance etc and I can't seem to find anything regarding how long a person would have to wait to receive an item left in an inheritance. My uncle has a painting that he would like to leave to a friend. Assuming that this painting is valued correctly at the beginning of the probate process (it's probably worth around £3000) how long would it be before he could take possession of it? I've heard of probates taking anything up to a year to complete and my uncle
would hate to think of it just sitting in storage somewhere, gathering dust, when his friend could be getting the pleasure of seeing it hanging on his wall.

Thanks.

Your uncle will be dead, so he probably won't be thinking too much about the dust gathering, but I take your point.

Probate can take a long time, and even when it has been granted, distributing the estate can take even longer, especially if it is complicated or likely to be challenged.

If this picture is such a big deal, then your uncle can always make it a 'first priority' (i.e. it will be the first bequest to be made/paid from the estate). If the will is properly drawn up and the estate is well and truly solvent, it is highly likely that executors would be willing to release it ahead of other assets, depending on the choice of executor.

badmemory

If the executors are family then it can probably be done fairly quickly, especially if those executors already have an insight into his financial affairs. If the executor is a solicitor - don't hold your breath. This is going to sound cynical but the longer they take the more they feel free to charge!

Savvy_Sue

getmore4less wrote: »

There is the option that the painting is gifted prior to death but remains on loan to the original owner.

They take possession immediately.

either that, or gift it now. That resolves a lot of potential issues. Painting can't be found, can't be identified, value is disputed, and so on.

Mum's solicitor recommended NOT leaving items in the will, especially if there would be any upset over them. So I was given something we all wanted long before she died.

gillinger4

Thanks for all the replies. That's all very helpful. I assume then that if an item is gifted before death, as long as that item is properly accounted for and agreed by the executor, there shouldn't be any comeback from anyone. That should set my uncle's mind at rest on this particular matter. It should probably make a few other bequests a little easier. Leaving them out of the will altogether does seem like a savvy thing to do.

Malthusian

gillinger4 wrote: »

I assume then that if an item is gifted before death, as long as that item is properly accounted for and agreed by the executor, there shouldn't be any comeback from anyone.

If it's gifted before death it's essentially none of the executor's business. (Except for Inheritance Tax purposes. If the painting is still going to be hanging on the uncle's wall it will be a gift with reservation so the estate will still have to pay Inheritance Tax on the painting. But IHT hasn't been mentioned as a motivation for the gift so presumably this isn't an issue.) They don't have to agree, just open the front door so the friend can retrieve their painting.

You are right that if the asset is going to still be hanging on the uncle's wall, it will need to be very clear that the uncle gifted it to his friend so the executor doesn't try to distribute it as part of the estate.

Personally I'd sellotape a copy of the letter confirming the gift to the friend to the back of the painting to reduce the chance that an overly-efficient executor threw it out in the house clearance before the gift was discovered. The friend may feel awkward about knocking on the door immediately after the uncle's death to demand their painting.

getmore4less

I think a useful guide is deathbed gifts as this outlines some of the issues around a specific type of gifting.