How long top settle inheritance

paradilly

Hi All,

Firstly I really hate asking this question but need some advice.

My Mother passed away last April. I had been living in the house that was left to myself and my brother until december when we sold the house (completed on the 19 December).

Obviously the cost of moving our stuff into storage, reserve, deposit and first month rent has caused me to max out my credit cards leaving me in a rather desperate situation.

All probate has been granted to the executors and the estate agent, funeral costs and solicitors fees have been payed, the only thing remaining is to pay off her loan which will be done on Monday when the solicitors reopen.

Does anyone know how long it will take to recieve my settlement? Should it be any day now or could it still be a few months? The executor is confident that it will be by the end of next week but she doesnt really know what she is talking about. I dont see why it would be a long time now but then I dont know the ins and outs of these things.

As said, I really dont want to ask this question as Im not just a greedy guy waiting for a payout but I need to make plans. I really dont want to go to a pay day loan service just to keep me going....

Any comments much appreciated.

paradilly

Sorry, just realised this would be better in "The Deaths, Funerals & Probate Board" forum, could an admin possibly move please?

getmore4less

Speak to the administrator for an immediate interim payment to cover you till the estate can be settled. you probably could have asked for this around completion thye should have had an idea of what the estate accounts were going to look like and how much was due to you.

Who are the administrators. If that was a mortgage that should have been cleared at completion

paradilly

Hi,

Thanks for your reply!

By administrator do you mean the executor? If so she is a friend of the family. The house had no mortgage and I stand to inherit a decent sum.

I had thought of that but thought maybe, 1) It may cause the executors/solicitors extra hassle 2) I feel a bit cheeky asking for an "advance" on the money. Although it is of cause an option should things get bad. Id rather just ride it out but have no idea whether it could be a week or another few months yet...

Thanks again

Jinx

Ask for interim money! My parent settles estates for a living, its a common request - especially given you are inheriting a decent amount.

paradilly

Thanks for the response Jinx!

I certainly think that will be the plan if things get sticky so thanks both.

Jinx, since you seem to be in the know, what would be your guess at the timescales. Do you still think it could be up to six months?

Thanks again.

Jinx

Im not really 'in the know' Im afraid - I just take an interest as its a fascinating area. I would just give the company a call and ask the question, you could explain the situation if you wish but I think they do try to get it all tied up asap but there is nothing wrong with highlighting you need the funds.

getmore4less

the executors job is to act in the best interest of the benfitiaries.


Remember they are working for you. so if you need the money get some.

They could(should) have offerd an interim payment if there is substantial funds in excess of commitiments and it is going to take time to sort them out.

It is a tiny bit of extra work to distribute a bit of cash.

Don't wait till you are overdrawn or getting charged interest and run out of money.

by friend do you mean lay executors(those that cannot charge), or solicitor friend that can charge.

troubleinparadise

It is easy for the executor to write you a cheque, and perhaps a letter for you to sign and return acknowledging receipt of the amount sent to you as an interim payment.

Don't be embarrassed that this is a "cheeky" request - all you are doing is stating fact, and that you are in need of some funds to meet the outgoings caused by having to make some payments that leave you out of pocket after having to change your living arrangements at short notice.

A phone call to the executor could be as long as it takes you to explain the situation and be sent/arrange to collect a cheque.

The executor can hold onto some funds to meet any unpaid tax or costs that might still arise (and shouldn't come as a surprise after a period of 9 months) before distributing the final estate.

paradilly

Thanks for all the advice.
From what Ive gathered from all your posts I certainly wont feel cheeky asking now.

As ever, thanks for all the advice, second question I have posted on here and got great answers... Now time to see if I can help anyone else out (though I doubt it )!