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Probate solicitors/paralegals who work for a firm. A quick question regarding an interim payment prior to final settlement

(5 Posts)
InterestedBeneficiary Sun 08-May-16 15:27:27

I've NCd for this thread as I don't want it linked to my usual MN NN.

But it's a fairly simple question - I hope. When an interim payment is made to a beneficiary named in a Will, is there a standard percentage for the interim payment which is paid to that beneficiary - or is the interim payment at the discretion of the solicitors handling the Probate?

Thanks to anyone who can help flowers

Collaborate Sun 08-May-16 16:44:57

Not a probate specialist, but I'm pretty sure it's at the discretion of the executors (not the solicitor unless they are also the executor). In fact I'm 100% certain of it.

InterestedBeneficiary Sun 08-May-16 18:16:34

Thanks for your reply, Collaborate.

I've just re-checked the paperwork and the solicitor is one of the Executors (although not a beneficiary himself) - he is the one dealing with the winding up and settlement of the estate.

I didn't want to put too much information in my OP - but the Will was quite complicated in terms of the assets and various beneficiaries.

However, I have recently received an interim cheque - but the solicitor, I suppose quite reasonably, has been very discreet about the potential and eventual total sum.

I was just wondering whether there was a 'standard percentage' for an interim payment in the legal world, which then might give me some idea of the final sum based upon my interim payment?

I realise this might all sound very 'grabby' from me. But it was a totally unexpected inheritance from someone very distant - and I'm still a bit shell-shocked.

ConfuzzledandDazed Sun 08-May-16 22:16:09

In short - no there is no standard percentage for interim payments.

The executor will need to have enough, and a buffer, left after the interim payments have been made to pay any additional taxes, administrative expenses and other liabilities which may arise. Unfortunately there would be no way of knowing how much this would be; for a small estate us couple be £20k and for a large estate it could be £200k. The cash paid out is generally based on how much the executor can safely release from the estate without needing it back.

InterestedBeneficiary Mon 09-May-16 16:17:10

Thank you too, Confuzzled. Yes, I am aware that other disbursements, expenses etc have to be paid prior to final settlement - and that the size of the estate can have a bearing upon the interim payment/s.

I shall be patient.

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