Payment of Inheritance

Jombob76

Hello,

I am lucky enough to be a beneficiary of a inheritance which I will be using to pay of my mortgage. Now the estate property has been sold I would imagine I would be expecting a payment soon. Does anyone know if solicitors tend to pay inheritance via cheque or by BACS?

Many Thanks 

74jax

Is the solicitor the executor? Usually the money will go to the executor who will pay off debts etc then distribute. If the solicitor is the executor they will pay debts then electronically send you the monies, it could be a while though if you are a residual beneficiary, if you are named an amount then you'll get it quicker. 

Jombob76

74jax said:

Is the solicitor the executor? Usually the money will go to the executor who will pay off debts etc then distribute. If the solicitor is the executor they will pay debts then electronically send you the monies, it could be a while though if you are a residual beneficiary, if you are named an amount then you'll get it quicker. 

Hello,

No there there is a executor in place who has hired the solicitor to carry out probate etc. Probate is in place and the house has now been sold. The Will was a quite simple equal split between four of us once the house was sold and small bills paid etc. 

Doshwaster

Jombob76 said:

74jax said:

Is the solicitor the executor? Usually the money will go to the executor who will pay off debts etc then distribute. If the solicitor is the executor they will pay debts then electronically send you the monies, it could be a while though if you are a residual beneficiary, if you are named an amount then you'll get it quicker. 

Hello,

No there there is a executor in place who has hired the solicitor to carry out probate etc. Probate is in place and the house has now been sold. The Will was a quite simple equal split between four of us once the house was sold and small bills paid etc. 

Don't forget that the solicitor will need to be paid. If they have managed the probate, sale and other executor duties then the bill will be significant.

I used a solicitor for the probate as I had never done it before and did the rest of the bill settlement and house sale myself. Next time I think I would be tempted to do the probate myself too.

Keep_pedalling

Anytime a solicitor is involved don’t be surprised if payment takes somewhat longer than expected.

eddyinfreehold

Keep_pedalling said:

Anytime a solicitor is involved don’t be surprised if payment takes somewhat longer than expected.

I was about to type the same. If the Executor has charge of the Estate account it could be paid promptly after all debts are paid including the solicitor. However, I suspect the Solicitor has retained the money from the sale of the property and any other wealth in the firm's Client Account. This is the usual form. The solicitor can pay by cheque or BACS at your convenience. I have experienced both. Once everything is done and dusted payment might take anything from a couple of weeks to a couple of months. I would ask the Executor or the Solicitor for a full copy of the Estate Account to keep for your tax records.

Jombob76

eddyinfreehold said:

Keep_pedalling said:

Anytime a solicitor is involved don’t be surprised if payment takes somewhat longer than expected.

I was about to type the same. If the Executor has charge of the Estate account it could be paid promptly after all debts are paid including the solicitor. However, I suspect the Solicitor has retained the money from the sale of the property and any other wealth in the firm's Client Account. This is the usual form. The solicitor can pay by cheque or BACS at your convenience. I have experienced both. Once everything is done and dusted payment might take anything from a couple of weeks to a couple of months. I would ask the Executor or the Solicitor for a full copy of the Estate Account to keep for your tax records.

Hello, 

That is correct I believe the executors have left everything to be handled by the solicitors.  I am only a beneficiary and a grateful one at that so had no say in how or who undertook the probate process. I do know probate has been issued and as mentioned the house sale completed this week so fingers crossed it wont be too long. The solicitors have requested my address details so wondered what this may be for.  

Driftingleaf

Jombob76 said:

eddyinfreehold said:

Keep_pedalling said:

Anytime a solicitor is involved don’t be surprised if payment takes somewhat longer than expected.

I was about to type the same. If the Executor has charge of the Estate account it could be paid promptly after all debts are paid including the solicitor. However, I suspect the Solicitor has retained the money from the sale of the property and any other wealth in the firm's Client Account. This is the usual form. The solicitor can pay by cheque or BACS at your convenience. I have experienced both. Once everything is done and dusted payment might take anything from a couple of weeks to a couple of months. I would ask the Executor or the Solicitor for a full copy of the Estate Account to keep for your tax records.

Hello, 

That is correct I believe the executors have left everything to be handled by the solicitors.  I am only a beneficiary and a grateful one at that so had no say in how or who undertook the probate process. I do know probate has been issued and as mentioned the house sale completed this week so fingers crossed it wont be too long. The solicitors have requested my address details so wondered what this may be for.  

You, as a beneficiary, should have your share paid into your bank account. The solicitor needs your address to protect you that they get all the details righy, because when you get a payment, usually directly to your bank account, you need to send a recent (less than 3 months old) bank statement. The bank statement needs to show your name, address and the bank account no and sort code. This is to protect you to ensure your inheritance goes into the right bank account. If you go into a branch to get a bank statement it may blank out your account no, so make sure any statement shows this. I found this mistake out myself recently. It is all to protect you from errors and fraud that it goes to the right bank account.

Mark2spark

Cheque or BACS was the original ask.
Sols can do both, but quite often charge something like £30 to issue a cheque.
The selling of a property is often the most long winded part of an Estate accumulation of funds, so most of the other legwork like debts should now be ascertained, and you should indeed get your share through soon. 4 - 6 weeks typically in a solicitors world is prompt :-)

thegreenone

In my recent experience as an Executor, the solicitor received the money from the buyer.  They emailed me a Statement of Accounts which showed their fees and the EA's fees taken from the total.  I approved the SoA and the money was BACS to me within the hour.

I still have tax and CGT to pay so you may have to wait until the Executor has confirmation of anything more and then you should get your share.  Enjoy being mortgage free! 

castle96

My sister was exec of our father. She (with my agreement) appointed a solicitor for probate, etc. My 50% came via a cheque, though I didn't ask for BACS