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Clare
Clare, Solicitor
Category: Law
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Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have been left a bequest in a will. The solicitors now tell

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I have been left a bequest in a will. The solicitors now tell me that this bequest cannot be made until all the deceased persons properties are sold and the IHT on these properties paid. The IHT on the cash assets have been paid and the first instalment of IHT on the properties has been paid. The 2nd installment is not due until January 2017. There is sufficient money in the estate now to pay the individual bequests. Are the solicitors saying this in order to save the family interest on the IHT. Given that it could take years to sell the properties concerned, why should I have to wait so long. Shouldn't bequests be paid within 12 months of a person's death?
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
The deceased died on 26 July 2015 and probate was granted on 26 February 2016, probate number is(###) ###-#### The cash investments involved were £640,000, IHT of £300,000 has been paid to obtain probate and the first installment of £140,000 on the properties has been paid out of this, leaving £200,000 of which £150,000 is due to be paid in individual bequests. The family are proposing to use all of this to pay the next installment of IHT ahead of the due date, saving interest on the amount due. Then, as each property that is presently up for sale is sold, that money will be used to pay further installments before their due date. Finally when all the properties are sold and all the IHT paid ahead of time, they say they will pay out the individual bequests.
Expert:  Clare replied 1 year ago.
Thank you for your questionMy name is ***** ***** I shall do my best to help you.I am afraid that it is not unreasonable for threExecutors to take this approach.Funeral Costs and inheritance Tax are the first call on the Estate and you cannot force them to pay the Pecuniary legacies until all the Inheritance tax has been paid.However you are entitled to interest on your inheritance beginning on the first anniversary of the death.I appreciate that this is not what you hoped to hear - but it is the legal position that you are inPlease ask if you need further detailsClare
Clare, Solicitor
Category: Law
Satisfied Customers: 33942
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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