Quizzes & Puzzles0 min ago
Wills
8 Answers
I am a beneficiary in a will left by a relative when he died in October last year. He had a house and contents and various investments e.g. an ISA and some bonds but would have left his affairs in good order. Six weeks ago one of the main beneficiaries phoned the solicitor who is the executor and asked what the delay was and was told it was something to do with the bonds, however a week after that we were all sent an interim distribution of funds. I am concerned that during the six months that have elapsed since his death the solicitors will be collected fees and thus depleting the estate, I can see no reason for this delay and would like to know what the usual time is for a valid signed will to be completed and funds distributed. Also will we be given a copy of all incomings and outgoings when it is all finally settled. Thank you
Answers
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>>>would like to know what the usual time is for a valid signed will to be completed That really is a 'how long is a piece of string?' question. It's possible to get the whole lot done within a few weeks. (I was the executor and sole beneficiary of my father's estate and I obtained probate without using a solicitor. My father died in October and I had everything...
15:32 Wed 16th Apr 2014
There are quite a few posts on this subject
and also Buenochico may give his view - he used to run a firm on this sort of thing.
The answers are mainly yes - a) about a year
b) yes the solicitor will charge for all sorts of things you could have done for free but didnt know. Thisis the fault of a testator naming a solicitor as an exec.
and if you are a residuary beneficiary ( rather than one in which you just get the car or the carpets ) then you can demand a final statement of accounts.
and when you do your own will, dont mention a solicitor but do mention as an executor, one of the beneficiaries and these issues never arise.
and also Buenochico may give his view - he used to run a firm on this sort of thing.
The answers are mainly yes - a) about a year
b) yes the solicitor will charge for all sorts of things you could have done for free but didnt know. Thisis the fault of a testator naming a solicitor as an exec.
and if you are a residuary beneficiary ( rather than one in which you just get the car or the carpets ) then you can demand a final statement of accounts.
and when you do your own will, dont mention a solicitor but do mention as an executor, one of the beneficiaries and these issues never arise.
>>>would like to know what the usual time is for a valid signed will to be completed
That really is a 'how long is a piece of string?' question. It's possible to get the whole lot done within a few weeks. (I was the executor and sole beneficiary of my father's estate and I obtained probate without using a solicitor. My father died in October and I had everything sorted out by the end of November). However 'six months to a year' is probably a more realistic answer when a solicitor is involved. Barmaid (who is a barrister specialising in civil law and, it seems, particularly in matters related to wills) has often posted here to say that some fairly straightforward wills can take years to get fully sorted out. So I certainly don't think that the period that has elapsed so far is unusual.
From the website of the Law Society:
"Dealing with the affairs of someone who has died can take a long time. It is not unusual for it to take up to a year, perhaps longer if things are not straightforward. Many organisations may be involved in the process, for example, banks, building societies, insurance companies and HM Revenue & Customs.
The estate cannot be dealt with until all claims to it have been received. Individuals have six months from the date when probate was granted to make claims against the estate.
Other things that may affect the time taken are:
whether the financial affairs of the person who died were in order;
what the person who died owned and where it is;
whether the person who died had an interest in a business or a farm;
what the will or the rules of intestacy say;
whether there are any legal disputes (claims against the estate or claims by the estate);
whether inheritance tax needs to be paid; and
making sure that all HM Revenue & Customs files are closed and that matters relating to income tax, benefits agencies and pensions have been sorted out.
Arguments between family members, beneficiaries or personal representatives can also delay matters. Any disagreements must be sorted out before the affairs of the person who died can be settled. "
>>>the solicitors will be collected fees and thus depleting the estate
The solicitor's fees will certainly come out of the estate but the fee charged for each action will be the same irrespective of whether that action occurred within days of him being tasked with the job or many months later, so there's no reason why you should expect any greater fees just because the solicitor might have been a little tardy in carrying out some of his duties.
>>>will we be given a copy of all incomings and outgoings when it is all finally settled
The grant of probate will be a public document for anyone to see. The solicitor should make details of his fees available to anyone with an interest in the estate.
That really is a 'how long is a piece of string?' question. It's possible to get the whole lot done within a few weeks. (I was the executor and sole beneficiary of my father's estate and I obtained probate without using a solicitor. My father died in October and I had everything sorted out by the end of November). However 'six months to a year' is probably a more realistic answer when a solicitor is involved. Barmaid (who is a barrister specialising in civil law and, it seems, particularly in matters related to wills) has often posted here to say that some fairly straightforward wills can take years to get fully sorted out. So I certainly don't think that the period that has elapsed so far is unusual.
From the website of the Law Society:
"Dealing with the affairs of someone who has died can take a long time. It is not unusual for it to take up to a year, perhaps longer if things are not straightforward. Many organisations may be involved in the process, for example, banks, building societies, insurance companies and HM Revenue & Customs.
The estate cannot be dealt with until all claims to it have been received. Individuals have six months from the date when probate was granted to make claims against the estate.
Other things that may affect the time taken are:
whether the financial affairs of the person who died were in order;
what the person who died owned and where it is;
whether the person who died had an interest in a business or a farm;
what the will or the rules of intestacy say;
whether there are any legal disputes (claims against the estate or claims by the estate);
whether inheritance tax needs to be paid; and
making sure that all HM Revenue & Customs files are closed and that matters relating to income tax, benefits agencies and pensions have been sorted out.
Arguments between family members, beneficiaries or personal representatives can also delay matters. Any disagreements must be sorted out before the affairs of the person who died can be settled. "
>>>the solicitors will be collected fees and thus depleting the estate
The solicitor's fees will certainly come out of the estate but the fee charged for each action will be the same irrespective of whether that action occurred within days of him being tasked with the job or many months later, so there's no reason why you should expect any greater fees just because the solicitor might have been a little tardy in carrying out some of his duties.
>>>will we be given a copy of all incomings and outgoings when it is all finally settled
The grant of probate will be a public document for anyone to see. The solicitor should make details of his fees available to anyone with an interest in the estate.
I know this will sound a bit unbelievable but one of the things that slowed down the administration of my DH's estate was getting a couple of credit card companies to send me a final total for what he owed. The companies were lovely and told me not to worry, they weren't going to chase me for the money, I could take my time....but I had to point out to them that I was asking them to speed up because until I had their bills, I couldn't complete the administration of the estate!!
Thank you all for your interest. I thought the same as you buildersmate and that is what prompted my query. The relative had no children to call on and so asked his friend, unfortunately a solicitor, to act as executor, but I think most people know this is not the best idea. There should be no reason for a delay but after 6 months has elapsed I understand they will receive a further prompt and I am hopeful that by then everything will be concluded. Once again thank you all, I have learned so much from this site and it is always my first port of call.
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