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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25485
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I wondered if you could help me - I am one of 3 Executors to

Resolved Question:

I wondered if you could help me - I am one of 3 Executors to my mother's estate - her affairs are simple and her Will clear re beneficiaries (the 3 Executors are the principle beneficiaries). As her estate is largely in cash with only very modest chattels and there is no IHT liability - do the Executors need to wait the full 6 months to distribute the estate assets as per the Will if they have obtained Confirmation within the 6 month period? No professional Executors involved and therefore no risk of claim against Executors as they are the beneficiaries....! All estate paper work has been completed and submitted by the Executors themselves.
Thank you for your help.
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I ask are you familiar with the reason it is suggested executors wait 6 months before distributing please?

Customer:

Yes - usually to ensure no 'unknown beneficiaries' can claim against the estate, I believe

Joshua :

thanks you are quite right. Potential beneficiaries that believe they have a claim under the inheritance tax have six months from the date you obtain part of probate to make a claim. The principal individuals that might have a claim against your mother's estate would be a spouse, children or an individual whom your mother financially maintained prior to her passing though this list is not exhaustive

Joshua :

ultimately the authority and decision as to whether to distribute prior to a six-month period following grant of probate rests with the executors as it is the executives who will be financially liable to any beneficiary who are successful in making a claim. If as executors you judge the risk to be low or practically non-existent particularly in view of the fact that from what you say the executors are the principal beneficiaries of the estate, you may judge that the risk of distributing prior to a six-month period is very low and quite acceptable. You may wish to delay attributing legacies to 3rd parties other than the executors until after the six-month period but again you can weigh this decision using the above criteria

Joshua :

in the event the were a successful claim however unlikely, monies paid out by the executors to 3rd parties and to executors themselves may have to be recalled in order to re-proportion the estate and so in the event that you do decide to pay out for the six-month period, each executor may decide to sensible not to spend the money until after the six-month period has passed but again that is down to each individual.

Joshua :

Inheritance act claims are the exception rather than the rule but they certainly do happen. providing as executors you have weighed risks and you are comfortable with your decisions, and there is certainly no law that says you cannot distribute earlier than six months following grant of probate

Customer:

That seems very sensible and what I would have expected. Thank you for your help and confirming this for me. I will pass along to my fellow executors.

Joshua :

A pleasure.

Joshua :

If I can assist any further as the situation develops please do not hesitate to revert to me

Joshua :

If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with please reply back to me though

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