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Inheritance question - funds issue


would welcome some guidance around August last year I was contacted and informed that I was to be a recipient to a share of an estate.
probate had already been issued and shortly after confirming my identity was issued with an interim payment, information from the solicitors was patchy regarding further amounts.
in addition to this I obtained a copy of the probate from the registry which confirmed the value of the estate and therefore approximately the amount of IHT due ect.
since then there has been a further interim payment, but also where we hit a snag.
my understanding is that if IHT has been paid then the estate should be liquid and settlements made soon after, yet in this case the solicitor is attempting to source share certificates - originally they'd hoped to sell in November 19 but this was still continuing into March 20
since we’ve had covid and a market which is valued significantly less than pre covid times.
my understanding is that IHT paid can not be adjusted post six months of payment is this correct and therefore if the markets ha e reduced in value then the amount of tax paid on the original value is lost to the recipients?
im at a loss what to do, most of my calls and emails for an update go un responded and all I wanted to have was clarity on what was left to be distributed and when - whilst it is of course a blessing to be met with an unexpected inheritance my ability to plan for my families future is hampered by not knowing much about how much and the solicitors are not assisting - so do I have any other avenues for assistance?
Comments
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my understanding is that if IHT has been paid then the estate should be liquid
Not at all - for example, a relative of mine was the executor of his relative's will.
There was a substantial IHT bill. It was possible to meet the bill through the Direct Payment scheme from cash in bank accounts and probate was issued.
Other assets in the estate included shares. Selling those can take time and these were non certificated shares.
It appears that your testator owned certificated shares. Those certificates need to be located before the shares can be sold.
With regard to the probate value of the shares being higher than the sale value,
https://www.clarionsolicitors.com/blog/reclaiming-inheritance-tax-when-the-value-of
1 -
xylophone said:my understanding is that if IHT has been paid then the estate should be liquid
Not at all - for example, a relative of mine was the executor of his relative's will.
There was a substantial IHT bill. It was possible to meet the bill through the Direct Payment scheme from cash in bank accounts and probate was issued.
Other assets in the estate included shares. Selling those can take time and these were non certificated shares.
It appears that your testator owned certificated shares. Those certificates need to be located before the shares can be sold.
With regard to the probate value of the shares being higher than the sale value,
https://www.clarionsolicitors.com/blog/reclaiming-inheritance-tax-when-the-value-of
Year of death 2017
Probate issue end of 2018
interim payment end of 20190 -
LR90 said:
im at a loss what to do, most of my calls and emails for an update go un responded and all I wanted to have was clarity on what was left to be distributed and when - whilst it is of course a blessing to be met with an unexpected inheritance my ability to plan for my families future is hampered by not knowing much about how much and the solicitors are not assisting - so do I have any other avenues for assistance?0
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