Distribution of Funds by Solicitor

harlequin55

I am seeking advice from those who will know better than me on what is a reasonable time for a Solicitor to hold funds before making interim payment to beneficiaries. In this case the Estate is very straight forward with no complications;

• there is no property sale involved
• there are no missing beneficiaries to trace
• no international assets involved
• there was no likelihood of the will being contested
• creditors were known and therefore no need to advertise
• asset holders were limited and transfer of funds was made promptly on request
• CGT is about £500
• tax on estate income was less than £3k

I feel that interim payment to beneficiaries could have taken place quickly after receipt of funds. Would 4 weeks be a reasonable expectation? In this instance funds were held for 9 and 13 weeks before an interim distribution was made. Interest paid by the Solicitor on funds held is very low compared to what is available in the market. So the longer funds are held the opportunity to invest at a decent rate is reduced.

Very grateful for thoughts of others.

Keep_pedalling

Solicitors tend to very cautious, and as far as creditors are concerned they are still likely to place an advert in the London Gazette just in case there are unknown creditors so 4 weeks is very optimistic.

Lorian

9 and 13 weeks is quick from my experience.

Hoenir

harlequin55 said:

• creditors were known and therefore no need to advertise

Do you think that a professional firm of solicitors is going to take this chance because a random person tells them there aren't any. Executorship is a legally defined duty that comes with personal liability. The cost of the advert is minimal in the London Gazette. Doing so absolves them.  

The funds held by Solicitors on behalf of their clients. Like all Corporate entities. Do not receive the rates of interest that retail investors can earn. Just a fact of the commercial world. Not of their choosing.