After inheriting money, you will need to make a plan, consult a financial adviser to work out your next steps, and deposit the money. 

Receiving an inheritance can help you relieve financial pressures, realise a future you have been dreaming of or leave a legacy for your family. But it can also throw up a lot of questions.

As you often receive an inheritance at an emotional time, it is important to give yourself time to grieve before you make any significant financial decisions. 

It can be easy to rush into the next step, but if you take your time and get financial advice, you can often make the money go further.

Whether you are receiving money as purely a beneficiary or you have been given the responsibility of an executor also affects the next steps in the process.

In both cases, there can often be delays in receiving your inheritance money due to a complex probate process, leaving you stuck. 

At Provira, we know this can be a very confusing time. If you are due to be inheriting money and want to know your options, we’ve explained them below.

How the inheritance process works

The inheritance process is called probate. Probate is made up of multiple, complex steps that can create a pretty lengthy timeline for beneficiaries waiting on an inheritance. The steps are:

• Filing a petition to begin probate
• Review and prepare the estate
• Pay Inheritance Tax
• Apply for probate
• Estate administration
• Beneficiary distribution

Read more about the Probate process here.

How long does it take to get your inheritance?

It can take 6 months to a year or more to receive your inheritance. As the list above lays out, there are many steps that must be completed before beneficiaries receive their money. 

The length of time it takes to receive your inheritance is all down to how complicated the estate is and delays can often occur.

If you’re waiting on your inheritance and need the funds sooner, our Inheritance Advance offers a speedy solution. 

At Provira, our Inheritance Advance allows you to access up to 50% of your inheritance within just a few days. You are only charged simple interest, not compound, saving you money in the long run, no credit checks are needed, and you will receive a dedicated underwriter to guide you through the process.

Find out more about our Inheritance Advance here

Why does it take so long to get your inheritance?

It takes so long to get your inheritance usually due to slow probate processes. Executors are required to legally distribute the estate, but there are multiple steps that must be done before this is possible. This means this process can take any time from 6 months to a year or more to complete. 

The reasons why you might have to wait to get your inheritance money could include settling debts, overseas assets, missing paperwork, or will disputes. 

How to deposit a large cash sum if you receive a big inheritance

To deposit a large cash sum, the executor of the estate should transfer the money directly into your account. It is recommended to use an easy-access savings account so you have time to plan, and your money can earn interest while you work out next steps.

If the sums are significantly high, spread them across multiple accounts so every amount is protected by the Financial Services Compensation Scheme (FSCS). 

The FSCS has a limit of £120,000 (as of 1st December 2025) per authorised bank, building society, or credit union, per person. For joint accounts, the limit applies per person, so you are protected up to £240,000 (as of 1st December 2025).

What can you spend your inheritance money on? 

You can spend your inheritance money on anything you want. Whether you have debt to pay off, want to buy a new car or property, or choose to give to a charitable cause, it is yours to use as you please.

To work out the best ways to spend your money, it is very common to consult a financial adviser. They can help you plan so you have full confidence in your next move. 

Once you’ve made a plan your options may include:

Clearing Your Debt: 

Whether it’s a credit card or personal loan, the interest is often high, so paying it back quickly once you receive an inheritance is a good option. 

If you have a mortgage that you want to pay off, be aware that they  often have early repayment penalties, so it’s important to look at the terms and conditions ahead of paying it off.

Building a Back Up Fund: 

Having a financial safety net can bring a lot of reassurance to your day to day. Most advisers suggest putting enough aside for three to six months of living expenses and keeping it in an easily accessible account.

Investing:

If you receive money and you won’t need it for at least five years, you could invest it in tax-efficient options such as a UK ISA, a higher pension contribution, diversified assets such as stocks or bonds, or property, which is often considered to be a reliable long-term investment. It is important to consult a financial adviser so you know what the best option is for you.

Writing a new will:

If your inheritance has altered your financial situation significantly, it is important to take another look at your estate plan and decide whether any changes need to be made such as assigning a Lasting Power of Attorney.

Enjoying it!

Receiving money, whether unexpectedly or not, can provide a world of opportunity so, as you can spend it on anything you want, there’s no problem with treating yourself.

Do I have to pay tax on my inheritance money?

While you don’t have to pay Inheritance Tax on the money when you receive it, if you put it in an account and it earns interest, this interest becomes taxable.  

No tax is due on the initial inheritance because the executor of the estate has typically paid the Inheritance Tax already. This is due before the estate assets are distributed. In the unlikely event you owe tax on your inheritance, HMRC will contact you if you need to pay anything.

How Provira can help if you are waiting to receive inheritance money

At Provira, we know how much a delay in receiving your inheritance can impact your life. Our products are designed to relieve stress and help you move forward with confidence. 

If you are waiting on an inheritance and need it sooner, our Inheritance Advance might provide the relief you’re looking for. 

• It grants you access to up to 50% of your inheritance in just a few days
• Charges simple interest, not compound interest
• No credit checks or collateral are required

And the best part? Our supportive, compassionate team will guide you through every step of the way, helping you to move forward with confidence. 

For more information, speak to our team about an Inheritance Advance here.