Inheritance - Solicitor holding on to proceeds of house sale?

£15 · 6 Jul 2017 at 22:10

My mother in law is due to receive an inheritance consisting of, in part, money from the sale of a house in Wales. The house was sold in February this year. She recently asked about a timeframe for receiving the money and was told the Solicitor is legally bound to hold on to it for 6 months before it can be given to any of the beneficiaries.

Anyone know if this is normal?

Uther · 6 Jul 2017 at 22:20

IIRC when I was an executor to a will there has to be a 6 month period and a persuant notice (?) in the paper just in case anyone else comes forward for a slice of the will.

£15 · 6 Jul 2017 at 22:32

Ah. That sounds plausible. Ta.

MonkeyBasher · 6 Jul 2017 at 23:44

You should still speak to someone who legaly knows this issue.
I would gues it depends on the specific wording of the will.
If it is correct then you need to know where/how its being held and how to claim the interest its acruing.
It wont be much in 6 months. But I am 100% sure your solicitor is not entitled to it.

peterwalkley · 7 Jul 2017 at 10:09

You'll probably get some hate comments on Solicitors taking forever, but the whole process is slow. I was executor for my mum's will and it was nearly a year after she died that everything was sorted. I took the "risk" of distributing monies as they came in but it was only because there was no chance of realistic claims coming in. A solicitor can't take that risk.

dirtychinchilla · 7 Jul 2017 at 10:16

Do they give you the interest?

Freakbro · 7 Jul 2017 at 10:39

dirtychinchilla said:
Do they give you the interest?

What interest?

Skillmister · 7 Jul 2017 at 13:31

MonkeyBasher said:
But I am 100% sure your solicitor is not entitled to it.

Depends on the T&Cs. They won't pay out below a certain amount and this depends on the sum held and time held for..

£15 · 7 Jul 2017 at 20:33

She's already received her share of some money, which came, I believe, from the deceased's bank account. But she's having to wait for the rest. It is what it is and she didn't want to push the matter with relatives or solicitor. It is an interesting question about any interest, though. Seems like a nice little earner for them.

The_Abyss · 7 Jul 2017 at 20:44

The solicitor must have a written policy on the payment of interest, which will include minimum amounts below which they will not pay. You should have been given one of these at the start of your relationship, but if not then just simple ask them for their policy.

dowie · 7 Jul 2017 at 21:49

Is this standard even if the person's will literally just names two people (direct relatives) say as beneficiaries? Or is it in more vague cases where someone might have say no kids but a bunch of nephews, nieces and other descendants?

Would seem to be a bit pointless if the will is clear cut and literally just goes to the children with no living spouse or any other children involved?

Uther · 7 Jul 2017 at 23:17

dowie said:
Is this standard even if the person's will literally just names two people (direct relatives) say as beneficiaries? Or is it in more vague cases where someone might have say no kids but a bunch of nephews, nieces and other descendants?

Would seem to be a bit pointless if the will is clear cut and literally just goes to the children with no living spouse or any other children involved?

An executor doesn't have to do a section 27 persuant notice, but if they don't and hand out money or things from a will they are then liable if someone comes out of the woodwork looking for a share. It's basically to cover the executor in the future. It was a couple of years ago that I did it, and the will was very clear (x amount of cash to grandchildren, house sold and split between children) but I'm sure I was advised to give a date 6 months from the local newspaper notice for anyone to come forward with a claim.

dowie · 7 Jul 2017 at 23:46

Uther said:
An executor doesn't have to do a section 27 persuant notice, but if they don't and hand out money or things from a will they are then liable if someone comes out of the woodwork looking for a share. It's basically to cover the executor in the future. It was a couple of years ago that I did it, and the will was very clear (x amount of cash to grandchildren, house sold and split between children) but I'm sure I was advised to give a date 6 months from the local newspaper notice for anyone to come forward with a claim.

ah fair enough... actually thinking about it you've got things like debts to third parties etc.. too whether that is say a personal loan Bob gave for which he's got a signature on a bit of paper/ad-hoc contract or perhaps Frank being adamant that he's still owed a poker debt etc.. or maybe the cleaner/builder/whatever didn't get paid for some work they did