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  • FIRST POST
    • furndire
    • By furndire 14th Mar 17, 12:37 PM
    • 7,167Posts
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    furndire
    How long does it take to get probate
    • #1
    • 14th Mar 17, 12:37 PM
    How long does it take to get probate 14th Mar 17 at 12:37 PM
    A cousin died 7 moths ago leaving a very large amount of money in a Prudential bond? plus other stuff including a housebut not enough to pay tax.
    Solicitor is executor - they still haven't applied for probate - found out 3 weeks ago they need to apply for a bridging loan to pay very large tax bill before they can even apply for probate. They say they now have relevant paperwork (complicated because cousin lived abroad for many years).
    How long should it take to get the loan. When they apply how long will it take to come through.
    Any idea how long before Prudential will take to pay out once probate is granted.
    Prudential won't play ball by loaning money to pay the taxes.
Page 1
    • Yorkshireman99
    • By Yorkshireman99 14th Mar 17, 12:54 PM
    • 2,786 Posts
    • 2,210 Thanks
    Yorkshireman99
    • #2
    • 14th Mar 17, 12:54 PM
    • #2
    • 14th Mar 17, 12:54 PM
    A cousin died 7 moths ago leaving a very large amount of money in a Prudential bond? plus other stuff including a housebut not enough to pay tax.
    Solicitor is executor - they still haven't applied for probate - found out 3 weeks ago they need to apply for a bridging loan to pay very large tax bill before they can even apply for probate. They say they now have relevant paperwork (complicated because cousin lived abroad for many years).
    How long should it take to get the loan. When they apply how long will it take to come through.
    Any idea how long before Prudential will take to pay out once probate is granted.
    Prudential won't play ball by loaning money to pay the taxes.
    Originally posted by furndire
    Have you asked the executor? They should have a much better idea than any guesswork from people on this forum.
    • furndire
    • By furndire 14th Mar 17, 12:58 PM
    • 7,167 Posts
    • 31,470 Thanks
    furndire
    • #3
    • 14th Mar 17, 12:58 PM
    • #3
    • 14th Mar 17, 12:58 PM
    We will be doing that later today, but would like to hear other people's experience to gauge if what we are being told is the whole story.
    • Yorkshireman99
    • By Yorkshireman99 14th Mar 17, 2:10 PM
    • 2,786 Posts
    • 2,210 Thanks
    Yorkshireman99
    • #4
    • 14th Mar 17, 2:10 PM
    • #4
    • 14th Mar 17, 2:10 PM
    We will be doing that later today, but would like to hear other people's experience to gauge if what we are being told is the whole story.
    Originally posted by furndire
    There really is no other way to know.
    • ArmyDilllo
    • By ArmyDilllo 21st Mar 17, 6:57 PM
    • 137 Posts
    • 213 Thanks
    ArmyDilllo
    • #5
    • 21st Mar 17, 6:57 PM
    • #5
    • 21st Mar 17, 6:57 PM
    HMRC has a time-limit to pay the tax due on the estate.
    I think that may be a better avenue for you to take.




    As far as my own experience; My Father acted as his friend (I shall call him "Fred") and former boss's financial advisor throughout his latter life.
    Just so you have an idea of the background to this for use later in the tale;

    This benefitted Fred considerably.
    For good governance, Fred asked his Business Accountant to look over his new investment strategy to ensure he would not not better off making other arrangements (something every investor should be ding regularly).
    My Father was completely supportive of this and said it was exactly the correct and proper thing to do.

    Duly the Accountant apparently told Fred he was extremely fortunate and that he had benefitted from my Father's advice and guidance and that financial professionals might not have come close to the money he had made for him.
    When Fred retired and grew older his Nephew also went through a similar process and ended up asking my Father for financial guidance which was given, though not to quite the same level (he was much older by then and starting to have concerns over his own financial abilities and changes within the industry).

    He has also taught my Brother and I (I am getting 15% to 20% a year from quite a tame investing strategy).


    Anyway, back to the point and to answer your question.

    Fred thought he was doing my Father a service by not asking him to also Execute his will.
    He thought it would save my Father time and effort.
    My Father however would not have minded and had all Fred's records in good order and filed away and was aware of his wishes, nearly all of which were in his Nephew's favour.
    Fred's Nephew is a great guy (we have now also become friends) but my Father followed his Uncle's wishes and allowed his Solicitor to execute his now considerable (several millions) will.

    Something my Father has done previously and could have done in a matter weeks for his friend, ended up taking his Solicitor well over a year.
    My Father found he had still not sent off all the death certificates after a year.

    Fred's Solicitor charged appropriately for the extra time he was involved (that my Father would not have needed).
    My Father estimated that over £120k more than necessary was charged to the estate for "legal fees".
    Odd how that seems to happen more often with estates that "are better able to support it".

    My Brother and I will execute the family estates.
    Our parents have their affairs in good order;
    Everything is written down with instructions for how we should proceed and we regularly review them with our parents.
    We have done the same for our own estates.
    We have also researched the procedure and feel confident of applying for and obtaining Probate in convenient and prompt fashion.
    Ultimately we are in HMRC's hands, but at least we will not be in the hands of a Solicitor* and any extra time we might need will not end up lining the pockets of someone our parents did not wish it to.

    *I am not anti-solicitors nor wishing to prolong a negative and mostly unwarranted stereo-type.
    I am merely relating an incident of which I have some knowledge.
    My own business solicitor was involved with me for almost two years (I've now sold the business to my partner) and insisted on taking very little financial compensation for work and efforts he made on our behalf during that time.

    He also entertained me and my partner on numerous occasions, alternating paying the bill at the end of the lunch/evening.
    Save 20k in 2016 #143 : Realised £24,360.08 of my £20,000 target
    Average invested growth since 2000; +18.25% per year

    Retired 17:30 hrs, Friday 30th September 2016 (aged 56)
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