waiting six months after probate?

[whodathoughtit!]

Hi folks - my first question on registering here.

Im a co-executor of a wealthy deceased relatives estate. The other is their solicitor. Everything has been going along fine with the gathering of financial details to file for probate. Ive now been told by the solicitor that once probate has been granted, he intends waiting six months before administering the legacies to the various beneficiaries (of which im one).

Is this 'normal', or a legal requirement? The reason given, in case anyone 'came out of the woodwork' to lay claim to the estate.
I can sort of understand this, but what if someone (and i dont think they will for one second) made a claim after this six month period?

Obviously, my initial suspicion (if its not a legal requirement) is that he's seeking to spin the business out to charge more fees - which im not prepared to wear, as hes getting enough as it is (which ive no bones about). But if this is just an add-on, am i in a position to oppose it, and insist the legacies are paid out once probate is granted?

Mick.

ps i know this reads like im impatient for my inheritance, but its not the case, though there are one or two others who it would really help. And, either way, the money is better off in our pockets than the solicitors.

[catinahat]

Re: waiting six months after probate?

Hi there, on reading your post, my initial thought was one of suspicion with regards to the solicitor wanting to wait six months; I thought why would he want the 'statute of limitations' to run its course, thus preventing anyone who may have a legitimate reason to contest something within the content (be aware that would also include yourself; so if this lawyer does have an agenda, you could well playing into his hands (call me suspicious, but I am seeing the worst parts of humanity in helping a friend of mine who is dealing with a bunch of vultures fighting over scraps of bones... i tend to think the worst these days; then if I'm wrong, I can be pleasantly suprised instead of feeling cynical that i was right about the wrong things. I would very discreetly be inclined to get a second opinion from a different brief and see what their take is on that? Is the solicitor also a beneficiary too do you know?

[Sapphire]

Re: waiting six months after probate?

Personally I think its done so that the money sits in the solicitors account and accrues interest, so he earns a few more quid.

My that's just me being cynical.

[catinahat]

Re: waiting six months after probate?

I don't know too much in this area of law, but to me, it sounds at best, an unethical move on their solicitor's part and I would have to question his agenda.... what are his motives for pre-empting a possible claim on the estate? I don't think he can be an executor, the family legal brief AND be a beneficiary of the estate too? I seem to recall reading somewhere that that's a 'no-no'. Still don't trust his rationale though. I think getting an independent and second opinion from a legal advisor of YOUR choice and seeing what they say would not be a bad idea. The role of his and anyone entrusted with the task of executor, is to ensure that the wishes of the testator are carried out as best as possible, also that the terms of the will are met. Good Luck and keep us possted as to what you do and any outccome? Thanks, CatX

[The Debt Star]

Re: waiting six months after probate?

Hi folks - my first question on registering here.

Im a co-executor of a wealthy deceased relatives estate. The other is their solicitor. Everything has been going along fine with the gathering of financial details to file for probate. Ive now been told by the solicitor that once probate has been granted, he intends waiting six months before administering the legacies to the various beneficiaries (of which im one).

Is this 'normal', or a legal requirement? The reason given, in case anyone 'came out of the woodwork' to lay claim to the estate.
I can sort of understand this, but what if someone (and i dont think they will for one second) made a claim after this six month period?

Yes because of the Statutory Advertisement notice period. Executors who have distributed the assets (including legacies) to any beneficiaries are personally liable to any beneficiaries or creditors for any unpaid debts and liabilities even though they were unaware of them at the time of distribution.

Under section 2 of the Trustee Act 1925 Executors can place a statutory advertisement for unknown creditors to come forward. The notice period is usually 6 months, after which it is safe for them to distribute.

Professionals like solicitors acting as Executors will place a section 27 notice and then wait for the notice period to pass before paying anything out.

Hope this clarifies everything. Nothing untoward is happening