how long to draw up estate accounts after house sale?

teabag29

I wonder if anyone could advise me. Basically my late mother left her house to us children in her will (to be sold and shared equally). my siblings have no contact with me and nor do they wish to (long story but i was adopted by my mother who biologically was actually my aunt, they never accepted me).

I contacted the solicitor to see what stage the sale was at seen as my siblings refuse contact with me, he replied saying that the completion of the sale should take place shortly (it actually sold back in November but we were awaiting the contract to go through) and then we shall have to draw up estate accounts and they will have to be verified, he shall let me know asap regarding distribution of the estate.

I'm not really sure what he means by estate accounts, could anyone give me a rough timing as to how long that takes (i.e. is it likely to be weeks or more likely to take several months?). Mum had no debts (she was always infront with her bills), the house sold for £115,000 and she didn't have much of any value other than the house, just the usual furniture.

Advice appreciated

Savvy_Sue

If it's a solicitor involved, the how long is likely to be longer than if a competent lay executor is doing it, IMO.

In simple terms, the value of all the assets needs to be established, all the expenses calculated and then subtracted, and then a calculation of how everything's being shared.

Yorkshireman99

teabag29 wrote: »

I wonder if anyone could advise me. Basically my late mother left her house to us children in her will (to be sold and shared equally). my siblings have no contact with me and nor do they wish to (long story but i was adopted by my mother who biologically was actually my aunt, they never accepted me).

I contacted the solicitor to see what stage the sale was at seen as my siblings refuse contact with me, he replied saying that the completion of the sale should take place shortly (it actually sold back in November but we were awaiting the contract to go through) and then we shall have to draw up estate accounts and they will have to be verified, he shall let me know asap regarding distribution of the estate.

I'm not really sure what he means by estate accounts, could anyone give me a rough timing as to how long that takes (i.e. is it likely to be weeks or more likely to take several months?). Mum had no debts (she was always infront with her bills), the house sold for £115,000 and she didn't have much of any value other than the house, just the usual furniture.

Advice appreciated

Months rather than weeks particularly if the contract exchange has not yet happened. Other than that it is just guesswork.

getmore4less

If solicitors are administrator then it could be days or weeks.

The estate accounts are an inventory of assets at date of death along with cashflow, money in, account,refunds,sold assets etc. money out funeral,bills,expenses etc and finally distributions.

A competent administrator could have most of this done already just needing the house sale final proceeds to finish off.

Keep_pedalling

getmore4less wrote: »

If solicitors are administrator then it could be days or weeks.

The estate accounts are an inventory of assets at date of death along with cashflow, money in, account,refunds,sold assets etc. money out funeral,bills,expenses etc and finally distributions.

A competent administrator could have most of this done already just needing the house sale final proceeds to finish off.

Although in this case having a solicitor handle it rather a sibling who wants nothing to do with you is probably the better option. It might take longer but all siblings are going to be treated fairly, which is probably why the OPs mother chose a neutral executor.

teabag29

there are 2 executors, my brother and the solicitor