Once Probate has been granted, the assets can then be collected in. Certain banks, share companies can take a few weeks to actually get round to send the assets. Also, the Inland Revenue need to confirm that the tax position has been finalised which can take time too.
Another issue may be if there is a possible Inheritance Act claim against the estate if a relative feels they should have been left some or more money from the estate. A claim can be made up to 6 months since the grant is issued, so it is advisable not to distribute funds until this time limit is up to avoid beneficiaries spending the money and then not being able to pay it back if a claim is successful.
Ask your solicitor why there is a delay. There are loads of reason that could be causing the delay.
yeah, they do this to ascertain any creditors who may have claims on the estate. if the deceased person passed away with outstanding debts, those take priority over the other people eligible to inherit.
debts have to be settled , the tax man has to be paid first before any funds are distributed to the family or whoever has been named as the receipient but it shouldnt take 6 months. we had access to the funds straight away because we took the probate documents to the banks ourselves and did not let the solicitor do it.
Bernard B (yahoo answers)
Once probate has been granted the funds are at the disposal of the executors. Where are these funds currently held? How many executors are there, and who/what are they - are the solicitors also executors?
yes, they want to earn the interest on it ! crafty
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