Estate accounts and timescales for objecting

Do-it-right-london

Hi
I'm trying to find out what the difference (if any) is between accounts and timescales for gifts given for IHT and to beneficiaries. Query relates to an estate going to 3 beneficiaries equally as stated in will. However 2 of the beneficiaries (I'm one) were given gifts of £90000 (2006) and £60,000 (2013) But none was given to 3rd family member (deceased's choice long story!). Estate being administered by a solicitor as the two who received gifts shown above were appointed as the two executors and although they are doing everything to the letter and fairly they were correctly expecting lots of unpleasantness from the 3rd beneficiary.
The amounts above are rightly included in the accounts sent for IHT (there is none due but we understand the 7 year rule when there is IHT to be paid would have been the case with the later amount). However the solicitor says these gift amounts will also have to be listed in the 'estate accounts' as they were given
after the will was written and that the 3rd beneficiary can make a claim if he feels he has a case to include both these amounts as the deceased assets.
The 6 months up for probate being issued is at the end of January and the solicitor intends to send the accounts with the gifts listed to the 3rd beneficiary after that date so that they can raise objections/query accounts etc. before the solicitor shares out the assets.
Our concern is that if they decide to 'contest? The will or accounts' how long do they have to do so? Is it a set period of time or can it be many many years down the line.
Many thanks

g6jns_2

Assuming you are in Englnd or Wales. The 3rd family member only has a claim if they were financially dependent on the deceased.

TBagpuss

is the concern that the the gifts should be treated as a advance on your respective shares of the estate? There is a presumption of advancement in certain circumstances, but presumably the solicitor is satisfied, or they would not be prepared to distribute.

Ask the solicitor whether they think the other beneficiary has any grounds to challenge the calculation.

g6jns_2

TBagpuss wrote: »

is the concern that the the gifts should be treated as a advance on your respective shares of the estate? There is a presumption of advancement in certain circumstances, but presumably the solicitor is satisfied, or they would not be prepared to distribute.

Ask the solicitor whether they think the other beneficiary has any grounds to challenge the calculation.

Have you got a cite for such advancement being deducted from what a beneficiary may receive if it is not specified in he will? Just curious. TIA

Do-it-right-london

It's complicated but our solicitor doesn't deal with contentious probate but mentioned that as mum only told us verbally that the gifts were a thank you for all we did to help her (X the 3rd beneficiary wouldn't help/visit etc) then X could try to get the £150,000 included in the assets so with the house sale averaging £300,000 they could try to get £450,000 as the amount to be shared rather than the assets after death amount of approx £300,000.
We know that wasn't our mums wish but tbh after a year of this and numerous 250 mile round trips in a day (and my other brothers I'll health) I don't have the energy to Persue it through the courts if it went to that and also risk losing so much of what our mum had worked for. I think she was just trying to give us the worst scenario but we wondered if he signed/agreed the amount could he pursue a case in later years

g6jns_2

Do-it-right-london wrote: »

It's complicated but our solicitor doesn't deal with contentious probate but mentioned that as mum only told us verbally that the gifts were a thank you for all we did to help her (X the 3rd beneficiary wouldn't help/visit etc) then X could try to get the £150,000 included in the assets so with the house sale averaging £300,000 they could try to get £450,000 as the amount to be shared rather than the assets after death amount of approx £300,000.
We know that wasn't our mums wish but tbh after a year of this and numerous 250 mile round trips in a day (and my other brothers I'll health) I don't have the energy to Persue it through the courts if it went to that and also risk losing so much of what our mum had worked for. I think she was just trying to give us the worst scenario but we wondered if he signed/agreed the amount could he pursue a case in later years

I very much doubt there is any claim and certainly not years in the future. Unless you have not told everything far from having a claim there is no basis for one.

Do-it-right-london

Thanks for your clarification. No that's the whole story. Our solicitor warned us when some nasty letters started coming our way that he did normal probate but not contentious so we weren't sure if he was just being overly cautious as to what could follow. He says he can't put a specific date limit on getting the estate accounts agreed which is fair enough, it was more with my brothers health that I didn't want it dragging on with claims for another few years. Probably a simplistic view but I was thinking when he accepts the accounts and a final amount from the solicitor then he's basically agreed to the amount and would find it hard to then look for more but I have seen how complex some probate issues are!
Thanks again

g6jns_2

Do-it-right-london wrote: »

Thanks for your clarification. No that's the whole story. Our solicitor warned us when some nasty letters started coming our way that he did normal probate but not contentious so we weren't sure if he was just being overly cautious as to what could follow. He says he can't put a specific date limit on getting the estate accounts agreed which is fair enough, it was more with my brothers health that I didn't want it dragging on with claims for another few years. Probably a simplistic view but I was thinking when he accepts the accounts and a final amount from the solicitor then he's basically agreed to the amount and would find it hard to then look for more but I have seen how complex some probate issues are!
Thanks again

Noted. The solicitor is being ultra cautious. He should be able to finalise things in months. Neither he nor anyone else has any obligation to agree the accounts. In effect they can be presented, along with cheques to the beneficiaries. Unless someone places a caveat with the probate registry that is an end to it. Time to play hardball with the dissenter.

ameliarate

You have six months from probate being granted to make a claim.

g6jns_2

ameliarate wrote: »

You have six months from probate being granted to make a claim.

That is only in respect of a claim under the Inheritance Act provisions. In the OP's case that does not seem to apply. In theory a claim can be made on other grounds up to twelve years after the grant of probate but again in the OP's case this does not seem at all likely.

There is an interesting article here that tells you more.


http://www.tenoldsquare.com/Managing%20Probate%20Claims.pdf