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hi i have been left a substantial amount of money in a will and got a message in a xmas card saying probate due in next month of so does anyone know what this means thanks Shared Via The HUKD App F…
karend1976 Avatar
2y, 2m agoPosted 2 years, 2 months ago
hi i have been left a substantial amount of money in a will and got a message in a xmas card saying probate due in next month of so does anyone know what this means thanks

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karend1976 Avatar
2y, 2m agoPosted 2 years, 2 months ago
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#2
I can answer your question as my father passed away at the end of November so I'm currently applying for probate.
Probate grants the executors of the will, legal authority to administer the estate of the deceased in order to distribute it correctly to the beneficiaries.
#3
sorry to hear about your loss the person concerned passed away in june last year does that sound like it is probably being finalised thanks
#4
Yep. Chances are the executors have disposed of everything they see fit (stocks and shares, property, etc), have got the accountant happy and can declare the estate.
If you've been left a specific amount/percentage then that's on its way. If not, the executors can dish out what they see fit in accordance with wishes or their choices.

Sorry for the loss and usually money doesn't account for the loss...But there is probably some coming!
#5
fozzeh
Yep. Chances are the executors have disposed of everything they see fit (stocks and shares, property, etc), have got the accountant happy and can declare the estate.
If you've been left a specific amount/percentage then that's on its way. If not, the executors can dish out what they see fit in accordance with wishes or their choices.

Sorry for the loss and usually money doesn't account for the loss...But there is probably some coming!

This isn't correct. Probate has to be obtained before the estate can be gathered in. Most banks, financial institutions etc will require to see the letter of grant before closing the account and paying out the funds to the executor. If probate has not yet been obtained then it's unlikely that a bequest is on the way. It will still take several months for gathering in and distribution, depending on how large/complex the estate is.
#6
ceres
fozzeh
Yep. Chances are the executors have disposed of everything they see fit (stocks and shares, property, etc), have got the accountant happy and can declare the estate.
If you've been left a specific amount/percentage then that's on its way. If not, the executors can dish out what they see fit in accordance with wishes or their choices.

Sorry for the loss and usually money doesn't account for the loss...But there is probably some coming!

This isn't correct. Probate has to be obtained before the estate can be gathered in. Most banks, financial institutions etc will require to see the letter of grant before closing the account and paying out the funds to the executor. If probate has not yet been obtained then it's unlikely that a bequest is on the way. It will still take several months for gathering in and distribution, depending on how large/complex the estate is.

That's what I get for misreading on the train whilst half asleep lol! I read probate was given haha! My bad.

Also does depend on whether anything is to be retained in a trust and what type of trust too!
#7
As others have said, the probate will give the executors the right to close account and
distribute the estate according to the will. 6 months seems a long time just to get a probate.
Im guessing the solicitors/lawyers have been given the task to sort the probate or act as executors and
so they are milking everything they can.

It took me a month but that was years ago.

Once the probate is given, the executors will start to close accounts/sell property etc..
whatever was written in the will. You may have many months to wait. But its on the way.

also, I would keep you receiving money private as this is the time when leeches come out
of the woodwork. good luck with your inheritance.
#8
In order for probate to be granted any Income or Inheritance Taxes have to be discharged. If there are sufficient funds held in cash, banks will almost always release funds and discharge the debt. Problems can arise if assets are held in bonds, shares and other asset classes. These cannot be sold without a grant of probate, but you can't get the grant without discharging any tax liabilities. Property is treated differently and any IHT liabilities can be spread over 10 years. The estate of the deceased will be valued to arrive at a final figure that will be the basis for the discharge of any IHT, if subsequently, assets are sold and are at variance with the original valuation, there may be more tax or a rebate due on the estate. If the executors are non-professional they should take no fees or expenses, unless all beneficiaries are in agreement. If the executors are a Bank or Solicitors they will obviously take fees to cover there costs and deliver a profit.

The process is relatively simple and straight forward and most estates handled by non-professional are probably completed in under six weeks as invariably they will have a vested interest (they are likely to be beneficiaries!). Professionals will take considerably longer as the information gathering process is far more difficult as they are likely to be unaware of the deceased assets and debts.

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