Will bequest and solicitors fees
Discussion
I have no experience on this but our son was left £40K in a will, hes had 2 lots of £15K, the balance has been retained by the solicitors to cover fees.....sounds like a lot given there was no real work involved, no house to sell, just letters and phone calls, and the lad was only receiving 40% of the estate (it was all cash), the rest was divided between to 2 other beneficiaries.
If it were me I'd be contacting the Executor and asking for a statement of the current situation.
Costs come out of the estate as a whole, so your OP implies that £25k has been remains as yet undistributed. Remember though that the Executor has to discharge the deceased liabilities before distributing what's left, and there may well be significant sums involved there. Funeral expenses, taxes (both income and Council) IHT if appropriate, although given the sums you mentioned that doesn't seem likely, and of course the costs incurred by the Executor. And if the Executor is a Solicitor, they might not be trivial.
Your son will get a statement when everything is finalised, hopefully with another distribution, but as I said in the first paragraph, it wouldn't hurt to ask for a draft statement of the current position. That way you can query anything that looks odd. Note that if the Executor is a Solicitor, they might well want to charge the Estate for such an interim statement, so ask about costs up front.
Costs come out of the estate as a whole, so your OP implies that £25k has been remains as yet undistributed. Remember though that the Executor has to discharge the deceased liabilities before distributing what's left, and there may well be significant sums involved there. Funeral expenses, taxes (both income and Council) IHT if appropriate, although given the sums you mentioned that doesn't seem likely, and of course the costs incurred by the Executor. And if the Executor is a Solicitor, they might not be trivial.
Your son will get a statement when everything is finalised, hopefully with another distribution, but as I said in the first paragraph, it wouldn't hurt to ask for a draft statement of the current position. That way you can query anything that looks odd. Note that if the Executor is a Solicitor, they might well want to charge the Estate for such an interim statement, so ask about costs up front.
solicitor 1 said he had £100,000 "IN CLEARED FUNDS"....then he died
solicitor 2 had to apply for probate after "inheriting" the estate to handle but there was very little to do
i cant see how he reckons £8000 should cover the lads portion of the fees for £40,000 worth of inheritance which has so far only been £32,000....
talk about robbing the dead!
solicitor 2 had to apply for probate after "inheriting" the estate to handle but there was very little to do
i cant see how he reckons £8000 should cover the lads portion of the fees for £40,000 worth of inheritance which has so far only been £32,000....
talk about robbing the dead!
Gassing Station | Finance | Top of Page | What's New | My Stuff