Probate/disbursement question

[WolfFoxHare]

I'm co-executor of my parent's estate along with a friend of the family. The estate consists of around £50k (from my parent's savings account, which has been closed and the funds transferred to an executor account) and one small property - this has been put up for a sale and we have a buyer and hope to exchange contracts in the next couple of months. Probate is due in the next 5-10 days. The total estate is too small for inheritance tax. I and another family member are the sole beneficiaries - the estate is to be split 50/50 between us. There are no other dependents or family members.

Once probate is granted, is there any reason why some of the funds can't be disbursed, leaving an ample buffer for any costs arising from wrapping up the estate? Do we have to wait until the house is sold? I checked gov.uk and it seems to say that once taxes and debts are paid (all done now) it's fine to disburse according to the Will, but the co-executor wants to wait.

Once probate is granted then you can make some distributions. Obviously you'll need to keep enough in the exors hands to meet outgoings on the house, including legal costs in so far as the conveyancer needs to be put in funds before exchange/completion. There may be other liabilities too though you say estate debts are paid.

In most cases a few £k would be sufficient for a buffer.

Yes! Thank you, that’s what I thought. I was planning to leave around a third for unforeseen expenses, and disburse a third each to me and the other beneficiary, but the co-executor says we should leave it all.

who is the co-executor and why aren't they the other family member? Is that what the will stipulated?
on my parents will i am sole executor as my sister wouldn't be able to handle it. I hope i won't have to deal with a co-executor from the state or something

The Will did specify the co-executor, who had agreed to do it. The other beneficiary doesn't have legal capacity, and one of the things we still need to do is set up a trust for this beneficiary's half of the estate. We have a quote for doing this and the costs of this would come out of the "buffer", so in effect from the estate before assets are split.

I suppose it is simpler not to start disbursing until house is sold, but I would quite like some of my inheritance.

It's fine to make an interim payment to the beneficiaries

@Bromptotoo @orangeflags thanks both - that’s what I thought. I just hope I can convince my co-executor!