Question on inheritance and beneficiaries

[Grumpos]

I can definitely check this tomorrow with the relevant bodies / solicitor during working hours but wondering if anyone has any experience just as I’m working through admin this evening.

I am the executor of an estate with a fair amount of capital and assets (below the IT threshold though).
I am one of three beneficiaries- one is a relative of mine and one is a charity.

Probate has been granted, all financial assets have been received into the estate account (my bank but an account I’ve used separately for purely estate ins and outs).

I have settled all debts (weren’t really any), settled all expenses for funeral etc (paid out of pocket by family and reimbursed from estate) and finally I have given the financial inheritance to both relative and charity.

I’ve kept good accounts and paperwork and everything is in order - I didn’t use a solicitor but it was a very straightforward will and estate. I inherited the whole estate minus the two bequests I’ve settled.

So - my question is.
Am I now ok to effectively take the balance of the financial asset? I have nothing left to do. Everything which is left over is mine as such (HMRC has all been tied up and settled - no outstanding tax etc).

I’m not desperate for the money but with Christmas and some credit card debt it would be helpful to access the cash. Everything is accounted for and I can’t think of any reason why I shouldn’t now take the inheritance?
I guess I’m just concerned as people talk about it taking 9-12 months to inherit whilst this has been much shorter.

Sorry for the long post, any experience or anecdotal advice? Thanks!

If all assets have been collected in and liquidated, all debts and bequests have been dealt with and all taxes paid (if any) then you have completed the winding up of the Estate and can take the residue if that is what you were left under the Will. Make sure you keep all of the Estate Accounts for at least 6 years so you can prove what you did.

Sorry for your loss. It’s hard to be an executor.

I know you mentioned HMRC and Inheritance tax threshold, but have you filed and paid the deceased persons income taxes for final year of life (19/20 due Jan 2020)?

Um, any property bills? Utilities, sale of home, taxes on proceeds?
Any investments transferring ownership? Sometimes taxes are due from estate with shares/stocks and changing the owners name from deceased to beneficiary triggers them.

I'd leave the account open and a small amount of money in it for 12 months from the date of death. When my DF died, some cheques came in and we had to repay some of his pension, which had been miscalculated by a month. It was much easier to do this straight from the account.

But take the majority of the money now!
If the other two recipients received a % rather than a fixed amount, any big changes can affect their money too.

Don't worry sorting probate is always much quicker when it's straight forward and no solicitors involved. I sorted my father in laws estate in less than 2 months.

Thanks everyone, there is a property which is now up for sale. I have inherited his but as of yet have not changed the deeds, I will do this before Xmas I guess.
The other beneficiaries were a fixed amount and not a % so any monies from the property sale will not affect them.
It is just below (20kish) the IT threshold even if I were to get top market value for the property.
No investments, I received a small income tax refund of £33 once the pension companies had submitted their accounts. I’m guessing even if there is a residual amount due from income (only pension and low level fixed savings accounts) then I could cover that by leaving some cash in the account.
It’s a really sad and confusing thing to do but their solicitor wanted up to 5k to execute! Seemed such a waste for a simple will.

I have inherited his but as of yet have not changed the deeds, I will do this before Xmas I guess

You don’t have to change the deeds. If you’re selling as Executor they can stay in the deceased persons name.