Inheritance delay

[YellowJellyBeanz]

Hi
I'm a residual beneficiary of an estate of my grandmother who died in may2017. The financial gifts have been paid from the Will 2 months ago. Probate was granted around 10 months ago. How long should it take for me to receive my inheritance? It's being dealt with by a solicitor. There is a house to sell but that's getting managed separately from the mo ru in accounts and won't affect the distribution of cash
Many thanks

It depends on the estate... What assets there are to gather in, life assurance companies to wait on, liabilities to pay out for etc.
Did you instruct the solicitor or are there other executors? If you did, ask them for an update. If not, ask the executors for an estimate?

Residuary beneficiaries get paid out last - they may wait until the house is sold or they may make an interim payment to you.

The executors appointed the solicitors. There is a house to sell but that side of things is getting dealt with by the executors themselves. They haven't even put it on the market yet. I'm not concerned about the money from the house but could do with receiving the money in the account as I have other expenses at the moment.

All debts / inheritance tax has been paid, and all money from investments was received before gifts were paid. They just seem to be dragging their feet and I don't understand why. I have spoken to them and always get a very vague response

Until the house is sold I assume the estate will still be incurring expenses -insurance, council tax, utilities and so I expect they will not want to distribute funds that might be needed. Why isn't the house on the market? How much is currently being held and between how many?

Sorry how many residuary beneficiaries?

It might be easier to ask them for an interim payment, rather than 'when its all sorted', if you really need money now. I don't see how they would pay residuals until the house is i deed sold, and all associated costs covered.

When a solicitor's involved it seems to take ages. Purely anecdotal and I've no idea why but when my Gran died it took 2 years. It was quite a lot of money but her house had already been sold so it was a handful of bank accounts and a few privatisation issue shares, being split equally between three children. So nothing complicated but 2 years!

For Grandad (other side) my uncle did it and it was all done in a matter of months. Less money but similar circumstances.

Hi

So looking at 140k each in cash then a third of the house as there are 3 residual beneficiaries, the other 2 being executors. I'm not in a position to ask them to pay out an interim payment as we don't speak.

There's not much shape on the executors and as they don't need the money they have not rushed to put the house on the market. There is no mortgage on the house and there is no council tax to pay due to exemption. House insurance is paid up for the year.
Thanks for your help.

Well that is a substantial amount and so entirely appropriate to ask for an interim payment. Are the solicitors still involved? I would ask them for payment.

Hiya yes I have. They said that they would ask the executors about authorising the interim payment, as the solicitors are instructed by the executors and therefore take instruction from them.

It's so frustrating.

Can you instruct your own solicitor to act on your behalf.
I don’t think it’s right that the other 2 residuary beneficiary’s are the executors and they aren’t in a hurry to sell.

It takes time to manage an estate but 10 months post probate seems a while. Is the will contentious?if so, they will have been advised to delay payment for a certain amount of time.

8
Is the property market flat where the house is?
Are they hoping to get a better price by waiting?
"There's not much shape on the executors" I don't understand this phrase, what does it mean?

Hi
By "not much shape" I mean that they are not organised and rushed around preparing the house for sale.
The Will is not contentious per se but I think that the other two feel disgruntled that I have inherited as I am not a child but a granddaughter of my grandmother. The two executors are my grandmothers children. Both children had little to do with my grandmother. I was very close to my grandmother. Visited daily. Lived with her and she lived with me during her last days. My grandmother could be difficult in the eyes of others but likewise her children only made contact when they wanted something. I told my grandmother that I didn't wish to be an executor as she wanted me to deal with everything. I needed to get on with my own life following her death, as I have spent most of my years being a caregiver in one capacity Or another

They aren’t in any rush to release the money, maybe they have no intention of doing so . Can you instruct your own solicitor to ask for interim payment?

I think it will be costly to instruct my own solicitor and given that they have a solicitor dealing with the distribution, I'm assuming would count as 'acting reasonably' with respect to an estate. They have paid the gifts (multiple payments of £3k) and this is where I am unclear as to how they can hold back on the residue; especially given there's a house to sell should further and unexpected bills crop up

They may well have to start paying council tax after a year, we did, not that it makes any difference.sorry for your loss.

That seems a long time. My grandparents both died this year (jan & March) house still needs to be sold but all their children children have received cash and everything else in the estate is settled. This was a contentious will and using a solicitor. My MIL also died this year (May), my husband was the only executor and only beneficiary, we handled everything ourselves and it took about 3 months.

I would have thought that the cash payments would have already been made as probate was granted 10 months ago. I believe you can contact the probate office if you think the executors are not dealing with things properly.

Truebluefish that's interesting - thank you for sharing.

It seems a very long time then when we see our Estate is being dealt with in such a timely manner. I've rung the solicitor dealing with the estate 4 times but never get a response which makes me feel quite paranoid. Thinking rationally; it is clear that there can't be any issues etc as they wouldn't have been able to pay the gifts

I would be paranoid. Executor theft can and does happen. Speaking from experience unfortunately

Oh no don't tell me that!

Have they told you that their intention is to sell the property? Otherwise one or both of them may want to buy you out. Depending on the market where you are, the price may be dropping when they may hope to pay you less in this scenario. Do you know the value of the house given for probate? Also, have you checked the land registry to make sure they have not put the ownership in their names.

I presume that inheritance tax needed to be paid, HMRC are taking a particularly long time to write to agree that correct IH has been paid when a property is involved, when settling my father’s estate it was 8 months I think, so even though probate has been granted they may be reluctant to release funds if they’ve not got confirmation from hmrc. I’m executing my father’s estate and it’s taken me just under 2 years with solicitors (who do nothing quickly). Every time I think it’s settled something else pops up.
Can you write to the solicitor dealing with it to request interim payment and get a time-frame for final settlement?

Hi thanks for the responses.

When I spoke to the solicitor some time ago she told me that inheritance tax has to be paid as part of the probate process before any gifts can be paid. The gifts have been paid

The intention is to sell the house though it wouldn't surprise me if one executor decides to buy the property himself as he has a property portfolio as it is

law society look on
solicitors.lawsociety.org.uk/search/results?UmbrellaLegalIssue=LIUPCW&Location=England&Pro=False