Timing for distribution of "estate"

-taff

MoneySeeker1 said:

From what friends were saying - I was picturing it as being a case of whether any long-lost relatives none of us knew about might turn up out of the blue. But it sounds as if this newspaper advert idea is done to see if any firms/utilities/etc are owed money - rather than private individuals expecting a gift handout.

So - put like that - then I guess it can all be dealt with the second that both probate has been granted and the house Completion of sale has happened and should only literally be a week or two (just putting in an advert in the following weeks newspaper, giving it 7 days for people to read it = total 21 days max = done/dusted).

Your picture is wrong That would only be the case if there wasn't a will. And what mojisola said....

Mojisola

MoneySeeker1 said:

I'm not the one distributing the "estate" and so the onus is on the executors (who are the ones on the benefitting end of the unfair Will it has turned out to be). So it would be nothing to do with me if the executors got things wrong.

There is no legal pressure on executors to rush finalising an estate.  After six months, you could ask what's happening to your inheritance but you wouldn't be able to push for a financial distribution until after a year and then it would cost you in legal fees to do anything about it.

MoneySeeker1

Mojisola said:

MoneySeeker1 said:

I'm not the one distributing the "estate" and so the onus is on the executors (who are the ones on the benefitting end of the unfair Will it has turned out to be). So it would be nothing to do with me if the executors got things wrong.

There is no legal pressure on executors to rush finalising an estate.  After six months, you could ask what's happening to your inheritance but you wouldn't be able to push for a financial distribution until after a year and then it would cost you in legal fees to do anything about it.

Maybe no legal pressure - but they are due to get a decent size amount of inheritance themselves from it and are planning on taking the lions share of it in fact (with it being an unfair Will - written in their favour).

With that - they'll want to get what money they get (one way or another) pretty quickly themselves - so I can't see them delaying (as they'd be delaying what they can get personally). From my pov - the sooner I can cut them out of my life as people too and forget about them - then the better that will be. Whilst this continues - it's being rubbed in my face that they're planning to carry right on and take that lions share afaik as yet.

Uxb1

At least 6 months after probate
Due to provision of the inheritances and dependencies Act 1975 - which allows for unknown children to crawl out from under a stone/woodwork and suddenly make a claim on the estate: 6 months after probate is their time limit to claim.
Given that for many estates probate take several months we end up at nearly a year post death - this is how we get to the "executors year" phrase - ie a will always taking a year to finally sort out and distribute.
Certainly no solicitor I've know has ever been willing to distribute the residue (ie after all the fixed gifts have been paid out) until the 6 months post probate has been and gone.

MoneySeeker1

Any "children" of the marriage (ie my parents marriage) will be well into adulthood by now and one thing I CAN be absolutely sure of about my parents is neither of them either "played away" or "played" before marriage. All sorts of other ideas I had about them (well one of them anyway) have been shattered - but that much I think we can all be quite sure of. There won't be any relatives coming out of the woodwork - whatever a relative that's in full view is getting up to (as I've always rather expected he'd do....because I know what he's like and hence have always known there was a chance I'd be cutting him out of my life after our parents are dead).

So brother/his wife are the executors and there being no other relatives in view is probably the only thing in all this we would agree about. 

Savvy_Sue

I'm sorry, but by your own admission, as soon as you realised your parents expected you to look after them in their old age, you hightailed it to the other end of the country, leaving your more local brother to it. 

Now, whether or not your brother then put undue pressure on them to change their wills in his favour, and whether or not he and his wife actually did any more caring than you did from your distant location, I'm not sure you're deserving of much sympathy for this 'unfair' will. 

There, I've said it ... 

MoneySeeker1

...and you are wrong - as my brother is also the other end of the country.

There's a lesson not to jump to conclusions for you.

Savvy_Sue

MoneySeeker1 said:

...and you are wrong - as my brother is also the other end of the country.

There's a lesson not to jump to conclusions for you.

My apologies: from your 'funeral' threads I gained the mistaken impression that he was more local. Nevertheless, he was perhaps able to present himself as a more caring and dutiful child - whether that was true or not. 

MoneySeeker1

He was the  favourite child of the person that ran their marriage (ie my mother). He is much more similar to my mother and I am much more similar to my father (except I'm a "stronger" person than my father has turned out to have been in the event).

 He also has an excuse he was very prompt in making to my mother - ie that he has children (and I don't). His lifestyle choice is his business and my lifestyle choice is my business and hence I am not happy at literally paying for his lifestyle choice - when I wouldnt have dreamt of asking for him to subsidise my lifestyle choices (but he had no such qualms).

I want him/his family out of my life as soon as possible accordingly.

BooJewels

A will, by definition, is the will of the deceased person[s] - how they want their estate distributed.  The fact that you personally find it unfair is neither here nor there.  If your parents chose to leave more to your brother than to you, then you just have to accept it.

Sometimes wills are unbalanced.  My father passed recently and his estate is not equally divided and I'm the party getting the smaller share.  But it was actually my idea, as it didn't feel as though I should get the same as my sister as she did a lot more for both parents at their end and I felt that should be acknowledged.  Ironically, the only person who isn't happy with the arrangement is my sister, I'm completely at peace with it.