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understanding jargon

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  • understanding jargon

    Please can someone advise what the following means in relation to an inheritance payout?

    I acknowledge and agree to indemnify the above estate against all claims to this interim payment and forthwith return all or some of the payment subsequently received by this form indemnity within 5 working days of any request received.

    How long can someone ask for the money back?
    I'm scared to use any money incase they ask for it back?
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  • #2
    These terms normally apply where an estate is distributed before everything has been finalised. So sometimes a property may need selling which takes some time, but there is cash sitting in savings - the cash might be distributed early as an interim payment and once the estate is finalised any remaining share of the inheritance will be paid. It is best to keep hold of any interim payment received until everything has been finalised. The indemnity clause protects the executors in case there are any unexpected expenses / unknown beneficiaries that come forward. If that happens and there hasn't been enough kept in the undistributed estate they can ask the beneficiaries for the interim payment back.

    Do you know much about the estate or why you have been given an interim payment?
    #staysafestayhome

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    • #3
      Hi
      Thankyou for replying.
      There is no property. myself and my sister are only beneficiary she is executor. It shows a breakdown of total in savings, all bills that have been paid and amount left. This amount is then shown as being split in half between us.
      As far as I can see all overpayment of benefits has been paid, funeral costs and solicitors fees.
      It advised interim payment on one page which o had to sign and send back then the amount showing that I will receive appears to be the final total amount.
      Is there a time frame on how long after payout money can be asked to be given back?

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