To expect to be paid out from a will by now?

[Swapsie]

I've name changed, but am a regular.

I was left a sum of money in a close family friend's will, whilst it is not mega-bucks, it is a significant sum for me and would clear my credit card and overdraft. After a series of large and unanticipated bills arrived at the most inopportune moment, I'm really on my beam ends.

The estate went through probate and wasn't contested. All funeral expenses and debts have been paid. This all happened in August last year. One of my parents and another person who was friends with the deceased were appointed executors. They are also significant beneficiaries in the will.

The main asset of the estate is the deceased person's house. However the executors haven't sold the house. The house was initially' put on the market, shortly after our friend's death. However since then, they've taken it off the market for a while, in order to undertake cosmetic repairs using the estate's money and then put it back on the market at a significantly higher price.

As a result there is no or very little interest in the property and enquiries have dwindled to nearly zero. They also rejected a decent offer just before they made the upgrades.

I think it is the other executor rather than my parent who is driving this and is being difficult and has said she'll not accept a penny below the asking price, but my parents have gone along with this. I have been of the view that when the property failed to sell, it should have been discounted or put to auction, rather than being tarted up and put on the market for more money.

I don't want to come across as greedy or grasping, but feel I am entitled to the money that was left to me and I should have been paid out by now.

By the same token, I don't want to cause a family row. What are my rights in relation to the money in the will? Are there any times limits before they HAVE to settle the estate?

Can they sit on the house indefinitely? Other beneficiaries (mostly charities) are getting a bit ticked off now as well and have started making phone calls to the Executors asking when the estate is going to be settled.

There is a time limit of 12 months for specific cash legacies, after this period interest is applied, specific legacies are also referred to as pecuniary legacies.

You will find an abundance of information about probate and executorship on the Internet, try searching both specific and residual beneficiaries.

Being an executor is an onerous task but write to them and state you understand hey have a duty to pay specific cash legacies within 12 months.

Good luck.

Thanks Always, that is very helpful!

Is there any cash left? Even a little bit? If so, suggest to your parents that that is paid out proportionally to all the fixed beneficiaries. So then at least you'd get a little bit of money.

Wills are famous for taking forever though. My great aunt died when I was in my first term at university. My parents finally got the last bit of money through about the time I graduated!

It is taking forever for my grandfather's estate to be sorted. In fact it is 3 years so far and that is with solicitors seeing to it all, so don't hold your breath OP

Estates can take a long time to settle. I am a probate lawyer (Swapsie I have responded to your query in more length on Legal).
2/3 years is not unusual particularly where the assets include property given the current housing market situation. In our office we have a still unresolved estate dating from 1978.
katykuns (and anyone else who has been appointed an executor) here is a brief outline of your responsibilities so you can see why things sometimes take so long:

1. Ascertain number, location and value of deceased's worldwide assets. This may include a house and contents in Spain, shares in Hong Kong or the US, a boat in Greece, horses, peacocks and other livestock, a collection of vintage tractors, a collection of 1940's lingerie ( still boxed) - these are all examples of items that I have had to deal with recently. It's easy to get a house in the centre of Birmingham valued - not so easy a yacht moored somewhere in the Aegean. You may also have to employ professional agents to find missing pensions, life insurance policies, bank accounts etc.
2. Complete account for HMRC. The basic form is 15 pages long plus supplementary schedules. The one I did last week ran to nearly 40 pages.
3. Pay any inheritance tax - yes this has to be paid BEFORE any funds are released so the executors may have to secure a loan.
4. Apply for grant of probate.
5. Liquidate assets - close bank accounts, sell houses, cars, jewellery, shares etc. You may have to employ overseas agents to deal with some items even if you think the deceased never went abroad in their life, for example if the deceased owned shares in Cadbury Schweppes then you will need to obtain a medallion seal in the US before they can be sold. This is time consuming and expensive.
6. Ascertain any unknown creditors by placing a notice in the London Gazette and the local paper(s). Failure to do this would leave the executors personally liable for any debts which come to light after the estate has been distributed.
7. Pay creditors.
8. Prepare and file tax return on behalf of deceased.
9. If anyone wishes to make a claim against the estate then generally they have 6 months from the grant of probate to do this so the executors would be advised to wait 6 months before making any distributions.

10.Prepare estate accounts. Have them agreed. 11. Distribute. Issue receipts and forms R185 as appropriate.

The procedure outlined above is for a simple estate where there is a valid, unchallenged will, where the location of all beneficiaries is known and where all the assets are located in the UK. If you add in variables such as offshore assets ( Isle of Man investment bond anyone?), missing beneficiaries, charitable bequests or an intestacy then you can extend the list much further.

If anyone has any questions about being an executor generally feel free to PM me.

One or both of the executors gets a residual payment.

Asking for trouble.

I would also question the legality of the executors using estate funds to do the house up.

I would also question whether there was any equity release from the property.