Inheritance Interim payments

NatalieanneDFW

Hello, 
Not familiar with the process of probate at all so need some help! 
My mum has just found out about a surprise inheritance from a late family relative. She recieved a letter from the executive in the post saying that the estate hasn't been finalised but my mum will recieve an interim payment of £10,000. She has sent her ID and bank details for the solicitor but she didn't realise that this was just an interim payment and it sounds like she will recieve more once the estate has been finalised. 
She is extremely surprised and grateful for such a generous gift but obviously curious to know what the remaining amount will be. What percentage do they usually pay in interim payments in comparison to the final amount? Any ideas? 
Thank you 

Flugelhorn

It depends on the estate - they will pay up to an amount that  they are sure they will not need to cover any remaining debts etc 
It is reasonable for executors  not to pay out until they have all the assets and feel they know all the debts, however they do sometimes make interim payments if they are sure there is enough - no rule as to percentages, they may be some more coming  - there may not  depends what the assets were etc 

NatalieanneDFW

Flugelhorn said:

It depends on the estate - they will pay up to an amount that  they are sure they will not need to cover any remaining debts etc 
It is reasonable for executors  not to pay out until they have all the assets and feel they know all the debts, however they do sometimes make interim payments if they are sure there is enough - no rule as to percentages, they may be some more coming  - there may not  depends what the assets were etc 

Thank you, we are just really unsure how these things work. Much appreciated. 

Brambling

As Flugelhorn said i think it can depend on the executor,  I was lucky enough to share an inheritance from a aunt last year which was handled by a solicitor, I received a copy of the will with a letter breaking down the various beneficiaries and a rough guide on how much i would inherit.  I know those listed as receiving a set amount received all of it in one amount ie to Jane Doe I leave £1000 etc after named beneficiaries the will then stated the balance of the estate to be divided between the following named people and it was from this that a amount was kept aside for bills.  Off the top of my head I'm not sure how much was used to pay any bills but the interim amount was the larger amount and the balance was about a quarter of the interim payment.  We also received a detailed set of accounts from the executor at the end listing all accounts which made up the balance of the estate ie isa, premium bonds etc.   My aunt was in residential care and there was no property to sale so I'm not sure what happens in that situation

Bobziz

I take it your mum knows and trusts the person that she's sent her ID and bank account details to ?

NatalieanneDFW

Bobziz said:

I take it your mum knows and trusts the person that she's sent her ID and bank account details to ?

Yes, it is a reputable solicitor. 

Bobziz

NatalieanneDFW said:

Bobziz said:

I take it your mum knows and trusts the person that she's sent her ID and bank account details to ?

Yes, it is a reputable solicitor. 

Ah, that's good to hear. You had me worried for a moment.

NatalieanneDFW

Brambling said:

As Flugelhorn said i think it can depend on the executor,  I was lucky enough to share an inheritance from a aunt last year which was handled by a solicitor, I received a copy of the will with a letter breaking down the various beneficiaries and a rough guide on how much i would inherit.  I know those listed as receiving a set amount received all of it in one amount ie to Jane Doe I leave £1000 etc after named beneficiaries the will then stated the balance of the estate to be divided between the following named people and it was from this that a amount was kept aside for bills.  Off the top of my head I'm not sure how much was used to pay any bills but the interim amount was the larger amount and the balance was about a quarter of the interim payment.  We also received a detailed set of accounts from the executor at the end listing all accounts which made up the balance of the estate ie isa, premium bonds etc.   My aunt was in residential care and there was no property to sale so I'm not sure what happens in that situation

This is very helpful. The relative does own a house worth around 350K and mum is listed as a residual beneficiary alongside another 8 residual beneficiaries. Is it likely she will recieve a portion of the funds from the house?
Thank you 

xylophone

 Is it likely she will recieve a portion of the funds from the house?

it depends on whether the house formed part of the residue - the relative might have left it as a specific legacy to the cat's home?

Brambling

It does depend on the will does it say the residual of the estate including the house or has the house been left to someone else? Did the house have a mortgage or equity release against it or will some of the funds be needed to cover care home costs.  She can ask the solicitor for more information 

NatalieanneDFW

Brambling said:

It does depend on the will does it say the residual of the estate including the house or has the house been left to someone else? Did the house have a mortgage or equity release against it or will some of the funds be needed to cover care home costs.  She can ask the solicitor for more information 

Thank you, that makes sense! We will try and find out some more info about what is included.