Awaiting Money from Probate

[smurfchops]

My father's probate has been granted and the solicitor is waiting for money to come in, from various building societies, etc. regarding my father's savings. The savings will then be distributed to various family members. How long should we have to wait for these different amounts of money to come through to the solicitor? It has been almost a month since probate. Some money has come in and we told the solicitor to keep it, until all the money has arrived, then it can be divided up between the family. Do we also get the interest on the money which is at the moment in the solicitor's account ?

[factor-fiction]

Yes I believe it is client money, but the interest added will be minuscule unless the estate is huge. In a way it's better to wait a bit since debts often come to light- eg if the DWP want some pension back- and the estate needs to pay these after the proceeds, preferably before the estate is distributed.

[chrissa1]

We had to wait about 6 months before receiving my late father in law's estate after probate was granted. It wasn't a vast amount of money, but as it came from various sources it took some time.

[smurfchops]

I have already paid the pension back !! They don't wait long for their money ..

[funnygirl]

I too waited about 6 months.

But my father in law who did not make a will, they had to wait over a year!

[Barmaid]

You could wait a good deal longer than a month after probate. It is standard practice in all but the clearest cases for the executors NOT to distribute until 6 months after the Grant. This is to protect them from claims under the Inheritance (Provision for Family and Dependants) Act 1975. If there is absolutely no one in this category, they may distribute immediately (but don't have to), most would wait until the expiry of Trustee Act notices (advertising for creditors) which is at least 2 months.

In any event, an executor cannot be compelled to distribute in the executor's year - a year from death.

[stompe]

Nice to see you xxx^^^^^^^^^

[smurfchops]

Thanks everyone, however, my main question is, do we get the interest on the money being held by the solicitor, if he keeps it for six months ?

[Barmaid]

Yes interest will be added to the money and tax should be deducted from the interest (although at current rates, it won't be much!). You get the interest net of tax and you should also get a Form R185 detailing the amount of tax that has been deducted so you can then include that in your own taxation affairs.