How long should I have to wait to receive my inheritance?

Curious66

Hi.

Looking for some advice as this has gone on for far too long.

How long should I have to wait to receive my inheritance?  Briefly, probate was granted 2018.  The executor had to sell some shares in a private company.  They have still not been sold.  Executor would not accept what private company was offering for them. I'm sure the value of the shares would have dropped vastly since COVID as they are part of what you could call the entertainment industry.

What can I do?  I have contacted the executor many times and all they say is they haven't been sold yet.  They do not know I have been in contact with the company where the shares are held and they say the executor was unrealistic and wanted too much for shares.

Sorry if I have missed any information out. Like I say, I do want to keep it brief as it is very, very long winded overall.

Any advice would be appreciated.

born_again

Are the shares the only funds?
If not then they could at least share out the rest, while trying to sell the shares.

Curious66

Thanks born_again.  There were other funds, but they were included in an earlier probate.

baser999

Sounds that the Executor’s holding out for a better price although I’m not sure that’s his job. Shouldn’t he simply be charged with winding up the estate and sharing it out? 

doodling

Hi,

The executors job is to get the assets sold at the best price commensurate with the beneficiaries getting their bequests in a reasonable timescale.

From what you have said, it seems that the executor is too focused on the best price bit.

I'd ask the executor in writing for their plans for distributing the remaining estate and if nothing is forthcoming follow up with a reminder that you need those plans so that you can review with your solicitor whether the executor is continuing to act in the interests of the beneficiaries.

That might wake them up, or if not, then seeing a solicitor is probably your only option.

I assume that the value of these assets is sufficient to justify legal action?

Keep_pedalling

Shares in unlisted private companies are often very difficult to value and sell. You could always request that you have the share transferred to you so you have control of the sale.

Marcon

Keep_pedalling said:

Shares in unlisted private companies are often very difficult to value and sell. You could always request that you have the share transferred to you so you have control of the sale.

Very sensible idea - but check that the company's Articles of Association would permit that. Many place restrictions on how and to whom shares can be transferred.

doodling

Hi,

Marcon said:

Keep_pedalling said:

Shares in unlisted private companies are often very difficult to value and sell. You could always request that you have the share transferred to you so you have control of the sale.

Very sensible idea - but check that the company's Articles of Association would permit that. Many place restrictions on how and to whom shares can be transferred.

I'm not sure it is a sensible idea unless the OP wants to get into the entertainment industry.

Are the shares paying dividends?  If not, why not?

The executor needs to sell the shares.  They are worth what someone is willing to pay for them.  If the shares are such that their market is limited (e.g. ownership is restricted in some way) then that will reduce the value (possibly by a large factor).  That might be balanced out to some extent if the shares are paying significant dividends.

The OP needs to put pressure on the executor to get the shares sold, accepting that they might not be worth as much as expected. (Ideally the OP would talk to the executor so that they agree the sale price and don't get into an argument afterwards).

If the shares represent a significant holding in the company then might be possible to increase the value of the shares by the executor involving himself in the business (e.g. at shareholder meetings) to the point that the other owners get sufficiently fed up that they are willing to pay an acceptable price.  Whether that is a viable approach will depend on the circumstances.

Curious66

Thank you everyone for your very wise advice.

Baser999 Your comments are spot on. The executor seems to have wanted a lot more than any shareholder was willing to pay at the time.  Then COVID happened. The rest is history, to the cost of the beneficiaries unfortunately.

Curious66

doodling - Great advice. I will be contacting a solicitor soon.  I have no idea of the value of the shares but was told it was a substantial amount.  Hope I found out soon.  And very true. The shares are only worth what someone is willing to pay.

Curious66

Keep_pedalling - That's an option I hadn't thought of.  But I can see the executor refusing this.