• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Solicitors/Executors Say We Have to Wait 6 Months

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Solicitors/Executors Say We Have to Wait 6 Months

    My wife's father died in October 2017. He chose a firm of solicitors to act as executors of his estate. To say they have been less than forthcoming with the procedures and what happens when is an understatement. Probate has now been granted, in May this year.
    The thing that we do not clearly understand, and that has not been clearly explained to us by these solicitors, is this 6 month wait before beneficiaries can receive their inheritence. They are saying it's because of indemnity insurance, but is this correct? Do we have to adhere to this or can this wait be reduced?
    Tags: None

  • #2
    I believe this is a 6 month period where an advertisment notice is placed after probate for unknown creditors to come forward before the estate is split and passed on to beneficiaries. If it is distributed before expiry of the notice it could be the executors that are liable ( presumably that's what they mean by indemnity )

    Peridot will know for certain whether this is actually a legal requirement or simply a bottom covering exercise.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

    Comment


    • #3
      Hi and welcome.
      Technically there is no legal reason why the executors of an estate can't distribute the assets immediately on obtaining the grant of probate.
      However they do so at the risk of having to pay from their own pocket if a previously unidentified beneficiary or successful claimant appears later.
      To insure themselves against such problems a prudent executor will effect an indemnity policy to cover such an eventuality.
      It would be a condition of such a policy that distribution would not take place until after the passing of 6 months from the date of the grant of probate

      Comment


      • #4
        Thanks Des8 xxx
        #staysafestayhome

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Received a Court Claim? Read >>>>> First Steps

        Comment


        • #5
          Hi Redscuhart,

          If the executors are the solicitors, then they will ensure that they do wait the 6mths, in case any claim is forthcoming against the estate. If they paid everything out then they could potentially be personally liable if a claim was later forthcoming and they had not kept back funds to deal with it. They will also have to wait for DWP to confirm there are no outstanding payments due to them for example if an overpayment had been made and HMRC have to provide clearance on any tax issues both during the persons lifetime and following their death. As with any public department they can unfortunately move in their own time, which can be frustrating to say the least.

          Unfortunately estates can take a while to value the assets and complete the necessary forms to obtain probate which may be part of the reason for the apparent delay in obtaining the grant..

          The clock doesn't start ticking as far as the 6 month window is relating to any potential claims being made against the estate under the
          Inheritance (Provision for Family and Dependants) Act,
          until the Grant has been issued.

          In addition they have to ensure that any creditors have come forward although this is generally covered with the section 27 notice that Amethyst mentioned which can be placed as soon as the person dies and has to be published for a 2month period so this should already have been done. This is a separate issue to the 6 months limit.

          Hopefully that clarifies things?

          I am a qualified solicitor and am happy to try and assist informally, where needed.

          Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any practical advice I give is without liability. I do not represent people on the forum.

          If in doubt you should always seek professional face to face legal advice.

          Comment

          View our Terms and Conditions

          LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

          If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


          If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
          Working...
          X