Bequests

Rmitchell

Whilst a will ensures money gets to whom you want,it takes a long time for the legal process to complete. How do I make arrangements for cash to reach needy friends quickly/regularly whilst probate is chugging through?

withnell

Rmitchell wrote: »

Whilst a will ensures money gets to whom you want,it takes a long time for the legal process to complete. How do I make arrangements for cash to reach needy friends quickly/regularly whilst probate is chugging through?

You can't make payments out (except funeral costs) until probate is granted - so apart from giving a gift before death, you can't distribute to them faster.

mwahaha

If you are absolutely certain that the estate is solvent and there's no questions about the will then I believe there is a mechanism for emergency funds to be accounted for prior to probate. The executor of my Mum's will did something this since my brother would otherwise have been homeless. The funds had to come from his own pocket however until probate was granted and bank accounts etc. could be accessed, so obviously it's a big risk to the executors if further debts come up, or a later will is found.

jonesMUFCforever

mwahaha wrote: »

If you are absolutely certain that the estate is solvent and there's no questions about the will then I believe there is a mechanism for emergency funds to be accounted for prior to probate. The executor of my Mum's will did something this since my brother would otherwise have been homeless. The funds had to come from his own pocket however until probate was granted and bank accounts etc. could be accessed, so obviously it's a big risk to the executors if further debts come up, or a later will is found.

You are contradicting yourself.
The funds coming out of his own pocket means there is no mechanism for early release of funds.

mwahaha

jonesMUFCforever wrote: »

You are contradicting yourself.
The funds coming out of his own pocket means there is no mechanism for early release of funds.

No the banks won't release funds. Although we did have an executors account with an overdraft that could have been used, it would still be a problem if the estate subsequently turned out to be insolvent.

I was simply pointing out that in our case some funds were released to the beneficiary early since it was an emergency and how that happened. That isn't a contradiction.

jonesMUFCforever

They were not released early from the estate though were they?
Totally different thing the executor putting his own hand in his pocket and taking a chance that he would get it back.