Hi. A relative of mine died last year, im a beneficiary. Probate has been granted for 6 months now and the solicitors have sent a letter saying they can release funds on 1st october. However will they send out the money that day or is there more to do after that will delay it? The house has been sold ages ago and all bills etc have been sorted. I dont want to ask the solicitors incase it makes me sound like im pestering for it. Thank you
I'd contact the solicitor and ask what the process is ,just say it would be helpful for you to have an idea of when the payment might go into your account . Honestly don't worry about it seeming as though you're chasing it - IME that sort of thing can't be hurried and you phoning and asking won't be a problem .
Sorry i could have worded it better, the executor has everything gathered into an estate account, he now just needs to distribute it to the beneficiaries, due to having to wait until 6 months after probate was granted, he cant do that until the 1st of October.
I was joint executor and beneficiary of mums estate last year, we had probate early April, cash into executor account mid April and immediately split between myself and DB.
House sale completed late June, so just under 3 mths after probate, half proceeds in each of mine and DB accounts 2 days later.
What's holding the distribution up?? Is the executor a solicitor or someone else?
Solicitors can be tediously slow, my DC were beneficiaries in a will 2.5yrs ago. We opened discussions with solicitor for DH and I to takeover DD money (she only beneficiary under 18) in Feb 16 (at request of solicitor). We finally had all money handed across last October. Email after email after call after call. Awful service.
I know a notice is supposed to go out for creditors, we didn't do it for mums, but the 6mths must also depend on estate.
My DC were beneficiaries 2.5yrs ago, cant remember exactly when probate was granted (death was Jan) but an interim payment of just below 75% of final total was made in the June, so certainly within the 6 months. I remember as I took call from solicitor telling me where DC money would go (both were under 18 so funds went into a Nat Savings bond)
There was a house still in the process of being sold, so I suppose that could have been used to pay creditors, but the majority of cash was paid out in the June.
The six months from grant of probate is the period within which potential claimants could bring a claim under the Inheritance (Provision for Family and Dependants) Act 1975. Provided no claims are brought, the solicitors can begin to distribute the estate from that date. Some solicitors hold funds for six months from the grant in all cases and some only in cases where there is a risk of a claim (e.g. a child has been excluded from the will). It's likely they'll make a partial distribution after 1 October and a final distribution some time after that once they have tied up all loose ends, obtained tax clearances (which can be very slow) etc. You'll need to ask if payment will be by cheque or bank transfer and bear in mind there may be a charge for the latter. They should also give you an estimate of how much your payment will be.
Hi. Is there any reason they aren't releasing the money. Ive rang and they keep messing me around giving vague answers. They wont tell me even how much the estate is worth even before anything was paid. And an iterm payment is a no no as the otjer beneficiary wants it in a lump sum. X
Hi, that doesn't sound right. If the other beneficiary doesn't want an interim payment that's their look out, the solicitors shouldn't allow this request by them to disadvantage you. All beneficiaries should be treated equally and usually receive payments at he same time, but they've asked not to be paid an interim, so it would be reasonable to pay one to you and not them.
If you are a residuary beneficiary you are entitled to see the accounts for the estate and to know the value. If you're struggling to get this from the solicitors you could obtain a copy of the grant of probate from the probate registry (available online for a small fee) and this will tell you the gross estate value, but it will be difficult to tell from this what you are likely to receive as you don't know what the liabilities and expenses are.
You could try calling and asking to speak to the solicitor's manager and ask for an explanation as to why they are not making an interim payment or telling you the value of the estate.
Another option is to instruct your own solicitor to get in contact with the probate solicitors. You'd obviously have to pay a solicitor of your own.