Probate granted when will i receive inheritance

char115

I now have probate Grant and have a copy of Aunt's will.  She left me a tax free amount.  When am I likely to receive this.  Spoke to Cousin who is being vague. he did say that I will NOT have to wait until house is sold.  I have heard nothing from aunt's solicitor

cymruchris

char115 said:

I now have probate Grant and have a copy of Aunt's will.  She left me a tax free amount.  When am I likely to receive this.  Spoke to Cousin who is being vague. he did say that I will NOT have to wait until house is sold.  I have heard nothing from aunt's solicitor

It depends on whether there are funds available to pay it. If for example you've been left £5000 and there's £100k in the bank - it's likely you'd get the money sooner than later - but if you've been left £50k and there's only £40k in the bank, you'll have to wait.

My parents house is being sold at the moment - but my niece and nephew got their payouts about two months after probate was granted as there was enough to cover it.

Who is the actual executor?

Marcon

char115 said:

I now have probate Grant and have a copy of Aunt's will.  She left me a tax free amount.  When am I likely to receive this.  Spoke to Cousin who is being vague. he did say that I will NOT have to wait until house is sold.  I have heard nothing from aunt's solicitor

Only the executors can answer that - really no point anyone here speculating. It could be next week, it could be next year - depends how complicated the estate is and how much caution your aunt's solicitor is advocating (whether or not they are actually an executor, or simply advising the executors). 

If you are still receiving benefits, remember you will need to declare your inheritance when you receive it.

Brie

If your cousin is the excuter why do you have the grant of probate?  Or do you mean it's been granted to your cousin?

If you've seen the will what does it say?  That you receive £X or that you get X%.  The first will depend on having the money in the bank.  But a percentage may mean waiting for the house to be sold.  

Olinda99

if your cousin is the executor then why are you contacting your aunt's solicitor - what role do they play in this

tooldle

There is usually a delay to allow the period in which claims against the estate can be made, to expire. If the executor pays out prior to the end of this period, they become liable should a claim come in from a previously unknown person.

pjs493

tooldle said:

There is usually a delay to allow the period in which claims against the estate can be made, to expire. If the executor pays out prior to the end of this period, they become liable should a claim come in from a previously unknown person.

Just to add to this. Any interested party has six months from the Grant of Probate to contest a Will, so some executors may wait for this time frame to elapse depending on the circumstances. 

Contested Wills are rare and successes are even rarer, but it behooves an executor to err on the side of caution with larger estates, estates with many beneficiaries, estates where someone has been ‘cut out’ of a Will, etc etc. Solicitor firms who’ve been appointed as executor may insist of waiting, again, depending on the situation. 

In my personal situation I’m the sole beneficiary and sole beneficiary of my husband’s estate, if any issues come up I won’t be in the position as executor of having sent money or assets to recipients and then finding that I’m dealing with someone contesting things after things have been distributed. I hold the assets as beneficiary as soon as they’ve been collected and debts paid.