Inheritance due, no contact from solicitor
Discussion
(Sorry for the lack of correct terminology)
Some months ago my Dad's inheritance to him became due. It's in the form of a share portfolio. He only found out by chance that it had become availble to him after he carried out a search.
He wasn't notified by the Scottish solicitors handling the portfolio and letters to them have gone unanswered.
Since the passing of the deceased and therefore I presume the same date by which the portfolio should have been transferred, it has lost £11k in value.
If the solicitors won't respond, what action can/should be taken, please?
(Layman's terms preferred!)
Some months ago my Dad's inheritance to him became due. It's in the form of a share portfolio. He only found out by chance that it had become availble to him after he carried out a search.
He wasn't notified by the Scottish solicitors handling the portfolio and letters to them have gone unanswered.
Since the passing of the deceased and therefore I presume the same date by which the portfolio should have been transferred, it has lost £11k in value.
If the solicitors won't respond, what action can/should be taken, please?
(Layman's terms preferred!)
Firstly unless you have seen the Will you do not know what is or isn't for inheritance - heck he might have left it to the donkey trust.
Never bank on any inheritance if it does come happy days if not well you hadn't banked on it.
As for timescale it can be months to years and will take as long as it takes but only once everything is ready to go will they proceed they will not do piecemeal handouts.
Never bank on any inheritance if it does come happy days if not well you hadn't banked on it.
As for timescale it can be months to years and will take as long as it takes but only once everything is ready to go will they proceed they will not do piecemeal handouts.
Firstly unless you have seen the Will you do not know what is or isn't for inheritance - heck he might have left it to the donkey trust.
Never bank on any inheritance if it does come happy days if not well you hadn't banked on it.
As for timescale it can be months to years and will take as long as it takes but only once everything is ready to go will they proceed they will not do piecemeal handouts.
Never bank on any inheritance if it does come happy days if not well you hadn't banked on it.
As for timescale it can be months to years and will take as long as it takes but only once everything is ready to go will they proceed they will not do piecemeal handouts.
Yes he's tried phoning the solicitor, yes he's written to them on a number of occasions - but has been fobbed off by the receptionist a few times regarding the solicitor not being around to take his calls etc etc.
He knows the value of the shareholdings and the name of the stockbroker managing the portfolio - who has given him more info than the solicitor who was supposed to contact my Dad to advise him he'd become the beneficiary - if that's the right word.
Like I stated, the value of the portfolio has gone down by £11k which wouldn't have happened if the solicitor hadn't sat around doing feck all.
So, what's he to do to get redress from a solicitor who doesn't notify him of his inheritance, doesn't return any communication, has cost him £11k?
Edited to add, he's known for some time that he and his late brother would be sole beneficiaries but only upon the death of the person 'managing the trust', who passed away last year, and despite being paid to manage the portfolio until the time came to pass it to my Dad, the solicitors haven't acted in his interests.
He knows the value of the shareholdings and the name of the stockbroker managing the portfolio - who has given him more info than the solicitor who was supposed to contact my Dad to advise him he'd become the beneficiary - if that's the right word.
Like I stated, the value of the portfolio has gone down by £11k which wouldn't have happened if the solicitor hadn't sat around doing feck all.
So, what's he to do to get redress from a solicitor who doesn't notify him of his inheritance, doesn't return any communication, has cost him £11k?
Edited to add, he's known for some time that he and his late brother would be sole beneficiaries but only upon the death of the person 'managing the trust', who passed away last year, and despite being paid to manage the portfolio until the time came to pass it to my Dad, the solicitors haven't acted in his interests.
Edited by ReaderScars on Monday 17th February 22:13
jfbrin said:
Some brokers require a certified copy of the will while grant of probate is being sought. If you are friendly with the broker, perhaps he could confirm some details for you? Confidentiality issues may apply of course. That would also confirm who the executors are.
Thanks for the info. Will pass that on.ReaderScars said:
Like I stated, the value of the portfolio has gone down by £11k which wouldn't have happened if the solicitor hadn't sat around doing feck all.
Because it would have been sold straight away?If it goes back up again before he gets hold of it, what will he do with the surplus?
SpeckledJim said:
Because it would have been sold straight away?
If it goes back up again before he gets hold of it, what will he do with the surplus?
Yes, it would have been sold straight away - or certainly before it was allowed to devalue by £11k. The reason being that, as stated, he and his late brother were made aware of this 'trust' by his mother and had made plans for it.If it goes back up again before he gets hold of it, what will he do with the surplus?
Unfortunately his late brother became insolvent and sold his future share. My Mum had dreamed of a smallholding but she too passed away. So yes, his plan was to make use of it when it became available.
To answer your rhetorical question, the surplus - I don't know - buy himself a defender hopefully.
But despite the responses, no one has suggested what should he do regarding the loss of value from the point he'd be in the position to instruct the sale?
Edited by ReaderScars on Monday 17th February 22:34
It's not his until probate is granted, until all debts from the estate are settled, all monies due the estate are received, all bills are paid. Only then can the executors distribute the residue according to the terms of the will. That can take months or years, but usually about four to six months. Until then, it's not your Dad's money. It belongs to the estate.
It's very weird that the "receptionist" keeps "fobbing off" your Dad. Either the solicitor has got a very strange way of handling things or there is more to this than meets the eye.
It's very weird that the "receptionist" keeps "fobbing off" your Dad. Either the solicitor has got a very strange way of handling things or there is more to this than meets the eye.
ReaderScars said:
Edited to add, he's known for some time that he and his late brother would be sole beneficiaries but only upon the death of the person 'managing the trust', who passed away last year, and despite being paid to manage the portfolio until the time came to pass it to my Dad, the solicitors haven't acted in his interests.
My bold. That makes no sense at all. And your uncle selling his future share is a bit weird too.No wonder it's taking time to sort out.
Edited by NPI on Monday 17th February 22:59
Sid's Dad said:
It's very weird that the "receptionist" keeps "fobbing off" your Dad. Either the solicitor has got a very strange way of handling things or there is more to this than meets the eye.
Presactly, the lack of comms is pretty astonishing if you count up the number of letters and calls gone unanswered/returned.Regarding your other points - this is purely about a portfolio of shares which was being held by a former employee of my Dad's Mother - it's not about a will, estate etc. This person was determined/nominated as best placed to ensure the portfolio would pass to my Dad and his brother after her death. Perhaps that makes it some sort of trust?
I've never raised this topic with him ever. He's raised it only perhaps three times during my lifetime and I want to make sure he gets what is right. He has few interests since my Mum died and I want him to buy a Defender - his last chance in life to buy what he wants without having to take anyone else's needs into consideration.
Yet even now he's concerned that his sisters-in-law won't be able to get into it easily these days. But having said that, he was grateful for the small pile of Landrover Monthlys I dropped off.
ReaderScars said:
Regarding your other points - this is purely about a portfolio of shares which was being held by a former employee of my Dad's Mother - it's not about a will, estate etc. This person was determined/nominated as best placed to ensure the portfolio would pass to my Dad and his brother after her death.
Is there anything written down about this?NPI said:
ReaderScars said:
Regarding your other points - this is purely about a portfolio of shares which was being held by a former employee of my Dad's Mother - it's not about a will, estate etc. This person was determined/nominated as best placed to ensure the portfolio would pass to my Dad and his brother after her death.
Is there anything written down about this?ReaderScars said:
Yes, it's all well documented, I've seen paperwork addressed to my dad from one solicitor who were managing the porfolio. It stated the value at that time but I didn't press for any info from him about it. It was passed for reasons unknown to another solicitors, both based in Scotland.
Was the will changed accordingly when other brother received his inheritance in advance? If not the Will will stand to split the estate in the % stated ( or all given away to charity/the needy children of the world). Maybe there was the intention of changing it but it never actually happened who knows. Might be worth your old man getting his own legal representation to send a formal letter
Sid's Dad said:
It's not his until probate is granted, until all debts from the estate are settled, all monies due the estate are received, all bills are paid. Only then can the executors distribute the residue according to the terms of the will. That can take months or years, but usually about four to six months. Until then, it's not your Dad's money. It belongs to the estate.
This!!Although I would add that after probate is issued anyone who wishes to contest the will has 6 months register a claim in court, plus a further 4 months to serve it on the executors of the will.
So if this guy died in the middle of last year as an example, then it still wont be yours until July this year, allowing for admin time.
Sorry but it isn't yours until then so you haven't lost anything!
ReaderScars said:
NPI said:
ReaderScars said:
Regarding your other points - this is purely about a portfolio of shares which was being held by a former employee of my Dad's Mother - it's not about a will, estate etc. This person was determined/nominated as best placed to ensure the portfolio would pass to my Dad and his brother after her death.
Is there anything written down about this?Tell you what - you get your Dad to gather up all the 'paperwork', take it to a lawyer, and ask him to act on his behalf. He'll get proper advice and he'll know where he stands. Shouldn't cost more than a few hundred quid.
Sid's Dad said:
Sorry but I have absolutely no idea what you are talking about.
You started off talking about an inheritance, but now you seem to talking about trustees in breach.
Which is why I opened the thread with: "(Sorry for the lack of correct terminology)"You started off talking about an inheritance, but now you seem to talking about trustees in breach.
Sid's Dad said:
And as for this nonsense about solicitors not returning calls or replying to letters...
The little I know about this is more than you do - yet you know better about the lack of comms from the solicitor - really?And "get legal advice' to paraphrase... really - you shouldn't have. But thanks!
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