How long for banks and investment funds to release money (after probate)

MeeMawTucker

I have probate for the estate, and have written to various banks and funds to request they transfer the money held to the executors. 

Can anyone advise how long it normally takes for the funds to be released? I have numerous creditors clamouring for payment of outstanding bills; the probate took seven months so I don’t blame them!

It is all ‘big names funds, if that makes any difference? 

Thank you to anyone that can help

Keep_pedalling

Cash accounts should only take a few days, funds could take some what longer.

Brie

And sometimes you have to tell the creditors repeatedly that they have to wait.

MeeMawTucker

Thank you both for this. I think getting the (small amount of) cash from the bank might stave off the most persistent creditors; unfortunately though there is also money owed to a family member who has paid for various funeral-related items and they have now been owed for almost a year

So @Keep_pedalling do we think it could be months before the investments are collected - or more like weeks, do you think? It would be good to at least manage expectations! It is all so stressful as I’m unused to being in debt but feel very responsible fi4 it all (even though I have no ability to speed things up)

Runner_Duck

Surely funeral related items were paid directly from one of the accounts you are now closing?  That is standard procedure. 
When I closed my Mum's bank and Building society accounts it was pretty quick, a matter of 2-3 weeks. What took the time was all of them wanted slightly different paperwork sent to them, some wanted proof of ID and address for the Execs, some would accept originals, others were fine with copies and some insisted on certified copies.  All of them had their own form to close the account which had to be signed by both Execs, which took time as we are 200 miles apart.  NS&I did take 3 months to action the closure request. Quickest of all to repay were the holders of her stock and shares ISAs, that was just days before the money showed up in the Execs bank account.

MeeMawTucker

Thanks @Runner_Duck yes the main undertaker bill was paid by the bank but there were quite a few items not included/different providers/that had to be paid on the day so they are still owed

It sounds like it may be a bit of a lottery so I’ll just have to be patient! I got all the forms ready while waiting for probate so was able to send everything off as soon as the grant arrived. Perhaps that will be enough to hold off the credit for the time being

Bobziz

@Runnerduck "NS&I did take 3 months to action the closure request." 

Any idea why it took so long ? I'll be closing my late mother's account this week. Thanks 

Hoenir

MeeMawTucker said:

 Perhaps that will be enough to hold off the credit for the time being

As executor you can do nothing more. Not as if you are intentonally delaying matters. 

Marcon

MeeMawTucker said:

I have probate for the estate, and have written to various banks and funds to request they transfer the money held to the executors. 

Can anyone advise how long it normally takes for the funds to be released? I have numerous creditors clamouring for payment of outstanding bills; the probate took seven months so I don’t blame them!

It is all ‘big names funds, if that makes any difference? 

Thank you to anyone that can help

Standard bank accounts (current/savings/deposit) shouldn't take more than a few weeks once you've provided any documentation they require.

Without knowing the type of investments to which you refer, it's harder to answer that part of your question. You'd need to look at the paperwork for each of them - or give the firms concerned a ring and ask.

bobster2

MeeMawTucker said:

Thank you both for this. I think getting the (small amount of) cash from the bank might stave off the most persistent creditors; unfortunately though there is also money owed to a family member who has paid for various funeral-related items and they have now been owed for almost a year

So @Keep_pedalling do we think it could be months before the investments are collected - or more like weeks, do you think? It would be good to at least manage expectations! It is all so stressful as I’m unused to being in debt but feel very responsible fi4 it all (even though I have no ability to speed things up)

7 months to get probate is not unusual. A year or more before funds are distributed is very common.

You are not in debt. The estate has debts

Surely someone who was close enough to the deceased to be willing to temporarily cover some funeral costs would be understanding - that things take time?

Shedman

Bobziz said:

@Runnerduck "NS&I did take 3 months to action the closure request." 

Any idea why it took so long ? I'll be closing my late mother's account this week. Thanks 

Just a counterweight to that length of time and give NS&I some credit (unusual I know....), they paid out 3 fixed term savings accounts and a Direct Saver account of my MiL's within 2 weeks of posting off the closure request forms and the grant of probate.  (Possibly it helped that I had already cashed out the PB's a few days before she died but who knows?)