When do assets have to be distirbuted

[dominoman]

I, with my siblings, are doing the inheritance tax forms for my father's estate. He left a will and there will definitely be some tax to pay.

Is there a deadline on when assets have to be distributed after probate is granted? I know most people want to get hold of the assets as soon as possible, but in our case my brother is living in Germany and if he gets the inheritance before he moves back to the UK end of this year he has a very complicated set of accounts to do there, and a load more tax to pay (because assets that are IHT free in the UK are not in Germany).

Can we wait 6 months say, before distributing assets to the beneficiaries if all beneficiaries agree?

Thanks

[maths]

Is there a deadline on when assets have to be distributed after probate is granted?

No.

Can we wait 6 months say, before distributing assets to the beneficiaries if all beneficiaries agree?

Yes. The law specifically provides that executors are not required to distribute the estate of the deceased before the expiry of one year from date of death; consent of beneficiaries not required.

[dominoman]

Ah I see. So we do have to do it within one year?

My father died 6 months ago. We are still doing paperwork and valuations and paying his back taxes. Im expecting it might be more than 12 months in total from the date of death

[AGoodman]

All that happens at 12 months is that pecuniary legacies start attracting interest.

It's fine to go beyond 12 months if there is a reason. Plenty of estates go beyond because it takes time to resolve liabilities and/or sell assets.

[dominoman]

OK great. Thanks for the help. Sounds like we don't need to worry then.