Late Father's Assets

[V391]

Good afternoon, I'm hoping someone might be able to give me some guidance please. The funds from my late fathers accounts have now been released to the solicitor (probate has been granted). We currently have my Fathers house on the market. My question is do we have to wait until the house is sold before all funds are released to myself and my brother or should the solicitors release the funds which they are now holding. Both myself and my brother are executors of the will - 50% divide. Many thanks for taking the time to read this

[atticus]

Do you know whether the statutory notices about claims against the estate have been published? There are risks to executors in paying money out before the time limit for making claims has expired.

You could of course ask the solicitors!

[V391]

Do you know whether the statutory notices about claims against the estate have been published? There are risks to executors in paying money out before the time limit for making claims has expired.

You could of course ask the solicitors!

Thankyou for your reply. Yes the notices have been published and have now expired. I have been advised by the Solictors secretary that we have to wait until the property has been sold, hence just seeking advice as to whether this is correct

[atticus]

That does not seem correct. I can see no reason why an interim distribution cannot be made.

[Pezza54]

If estate money sits in an executor's account before distribution to beneficiaries it should be invested in an interest paying account that has a competitive interest rate. Beneficiaries may expect to see interest added

[V391]

That does not seem correct. I can see no reason why an interim distribution cannot be made.

Thankyou for your help

[V391]

If estate money sits in an executor's account before distribution to beneficiaries it should be invested in an interest paying account that has a competitive interest rate. Beneficiaries may expect to see interest added

Thankyou for your reply. There are no beneficiaries, the money that is sitting with the solicitors is money from closed bank accounts etc and the property is still on the market. I was trying to find out if the money stays with the solicitors until the house sells

[Pezza54]

Are you sure you and your brother are not beneficiaries?

[atticus]

The OP might not understand that beneficiaries are persons entitled to receive under the will. He is clearly expecting that he and his brother will receive 50% each.

[Pezza54]

Yes Op may be confusing executors with beneficiaries. If the solicitor is executor that would explain why they are withholding the money