Money Transfer

[johnbjohn1961]

My father died 2 months ago and left some money for 3 of us to be shared equally, can anyone tell me how long it takes for the money to be transferred from his old bank account to my my brothers account.
Thanks

[ubasses]

Depends on the size of his Estate, if Probate is needed, or just an indemnity. Once the transfer is authorised depending on where you all Bank same day or up to 3 days.

[johnbjohn1961]

sorry, but what is indemnity

[Dogsbody2]

Look at the document in this link, specifically section 5 and 5.1

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS14_Dealing_with_an_estate_fcs.pdf

It explains when the person dealing with an estate may be able to access the funds without a grant of probate, and about the indemnity referred to by ubasses.

[ubasses]

Thank you Dogsbody, only just come back. I would add that most Banks do tend to look at the whole Estate before agreeing to an Indemnity and will probably require to the total assets to be below £5,000.
Basically, the person sorting out the Estate will sign a form saying that if anyone with a claim on the Estate comes forward, the Bank will not be liable for any loss, the person who signed the Indemnity will be.

[Buenchico]

Once probate is granted (where there's a will) or letters of administration issued (where there's not) the executors (or administrators, as appropriate) may distribute the estate according to the terms of the will (or the rules of intestacy).

However many executors/administrators (especially professional ones, such as solicitors) prefer to wait until 6 months has elapsed as that's the time limit for any claims to be made against the estate.