How Long Do I Have To Wait To Get My Inheritance?
One of the most awkward questions I am asked following the death of a loved one, is how long a beneficiary has to wait before s/he gets his or her inheritance under the will. The answer, like so many questions based on the law is "it depends".
As a general rule of thumb, the person who administers and estate "the Executor" has a year after probate is granted, to realize the estate assets, pay the estate debts and disburse the remaining assets to the beneficiaries. This benchmark, which is called the Executor's Year, is well established in custom and convention. It is not, however, an enforceable requirement. In determining whether an Executor should be personally responsible for delays in estate administration, courts will consider whether the executor experienced normal difficulties or outright rebellion, lack of cooperation from beneficiaries or improper behaviour.
The Executor's Year begins when probate is granted. Because an executor only becomes legally authorized to administer an estate with the grant of probate, it is recommended that an executor apply for probate early. This has the additional benefit of triggering any limitation periods for dependent's relief thereby ensuring that any claims against the estate are timely brought.
Once probate is granted, the executor should move assertively to realize all assets and pay all debts. Any opposition to doing so should be recorded in case there is a later challenge to the actions of the executor. The goal of a year should be kept in mind with a view to finalizing the estate within that time period. It is only with large complex estates or antagonistic situations that administration should take longer.
Re Cornish Estate, 2016 PESC 14, https://www.canlii.org/en/pe/pesctd/doc/2016/2016pesc14/2016pesc14.html?resultIndex=1
The content and the opinions expressed here is informational purposes only and does not constitute legal or professional advice. Nor does reading or commenting on it create a lawyer/client relationship with the author. I encourage you to contact me directly at adrianlawoffice@gmail.com if you have specific legal questions or concerns.
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