Grant of Probate

[Too Late]

Hi all
I have just found out grant of probate has been accepted by the courts and being sent out.

There are 2 executors of the will (myself and someone else, we are also the only beneficiaries of the will). We are in the process now of closing banks and other aspects of the estate. Funds will be sent to a joint account for which we can settle any fees and outstanding ding dept.

Once this is done, I am expecting to draw on half the funds.

This has disgruntled the other executor on the will and they are suggesting that we hold the funds for a period because of the Provision for Family and Dependants Act 1975

I am removing my half of the estate and putting it in a separate account as I don't trust the other executor.

Is there anything to be mindful?

Thanks.

[alscar]

Short answer is yes !
After probate is granted you then would “ usually “ then place an advert in either the London Gazette and / or local to the deceased newspapers to see if any debtors come forward.
If you don’t and the funds are paid out it is possible that some of them will need to be repaid.
I am just going through this process now albeit with a solicitor alongside.
I assume the joint account would be a freshly created joint account for the pair of you ?

[BoRED S2upid]

alscar said:

Short answer is yes !
After probate is granted you then would “ usually “ then place an advert in either the London Gazette and / or local to the deceased newspapers to see if any debtors come forward.
If you don’t and the funds are paid out it is possible that some of them will need to be repaid.
I am just going through this process now albeit with a solicitor alongside.
I assume the joint account would be a freshly created joint account for the pair of you ?

Put an advert in a newspaper? Seriously? This is news to everyone. Nobody reads a newspaper.

[TownIdiot]

BoRED S2upid said:

Put an advert in a newspaper? Seriously? This is news to everyone. Nobody reads a newspaper.

London Gazette is isn't a newspaper. It's an official record and stands as evidence that you tried to notify all potential creditors.

[alscar]

BoRED S2upid said:

Put an advert in a newspaper? Seriously? This is news to everyone. Nobody reads a newspaper.

As TI has already said , seriously yes.
It’s not about anyone reading the newspaper just the fact the advert was placed.
Anyway LG should suffice.

[BoRED S2upid]

Nobody knows about this or does it. We certainly didn’t know or do it.

[TownIdiot]

BoRED S2upid said:

Nobody knows about this or does it. We certainly didn’t know or do it.

Loads of people do it.

If it's a straightforward estate I wouldn't bother but for anything even remotely complicated or contentious I would.

edited: having said that I also would transfer my half to an account I control. It can always be paid back on a justified demand.

[alscar]

Then I’m obviously pleased for you that nothing came out of the woodwork but it’s hardly anything new.
I’ve only had to do probate 3 times and each time a solicitor was involved so perhaps it’s overkill you may be right but as Executor I didn’t want any issues.

[LimmerickLad]

Why on earth is he citing "Provision for Family and Dependants Act 1975".......something ( or someone) he knows may turn up and make a claim?

[leef44]

TownIdiot said:

BoRED S2upid said:

Nobody knows about this or does it. We certainly didn’t know or do it.

Loads of people do it.

If it's a straightforward estate I wouldn't bother but for anything even remotely complicated or contentious I would.

edited: having said that I also would transfer my half to an account I control. It can always be paid back on a justified demand.

I have to confess that I didn't know to do this either. When my father passed I went through his bills and called up a creditor who said "oh I'm sorry to hear that, we will write off his debt". I was a bit surprised by that, wholly expecting to settle this.

[TownIdiot]

leef44 said:

I have to confess that I didn't know to do this either. When my father passed I went through his bills and called up a creditor who said "oh I'm sorry to hear that, we will write off his debt". I was a bit surprised by that, wholly expecting to settle this.

A lot of companies will do that

the Gazette is just a good way of demonstrating that you attempted to discharge your duties diligently and didn't just think
"well nobody is shouting for money so I will divvy up now"

[BlackTails]

Too Late said:

This has disgruntled the other executor on the will and they are suggesting that we hold the funds for a period because of the Provision for Family and Dependants Act 1975

I am removing my half of the estate and putting it in a separate account as I don't trust the other executor.

Is there anything to be mindful?

Thanks.

Google “inheritance act claims”.

Are there members (current or former) of the deceased’s family, or individuals who were financially dependent on the deceased who were cut out of the will? If so, take proper advice.

[LimmerickLad]

BlackTails said:

Too Late said:

This has disgruntled the other executor on the will and they are suggesting that we hold the funds for a period because of the Provision for Family and Dependants Act 1975

I am removing my half of the estate and putting it in a separate account as I don't trust the other executor.

Is there anything to be mindful?

Thanks.

Google “inheritance act claims”.

Are there members (current or former) of the deceased’s family, or individuals who were financially dependent on the deceased who were cut out of the will? If so, take proper advice.

IIRC there is a statutory 6 month time limit from being awarded probate for someone to make a claim but if you think there is potentialy a 'skeleton' then I'd get paid advice from a specialist solicitor and not a High st one..... Cost should be decutable from the estate anyway so Co_exec would pay half as well in effect..

[aspender]

Here's the legal notice accompanying the gazette entry I made when executing my mothers estate. It's all done online and very straightforward.

Notice is hereby given pursuant to section 27 (Deceased Estates) of the Trustee Act 1925, that any person having a claim against or an interest in the estate of any of the deceased persons whose names and addresses are set out above is hereby required to send particulars in writing of his claim or interest to the person or persons whose names and addresses are set out above, and to send such particulars before the date specified in relation to that deceased person displayed above, after which date the personal representatives will distribute the estate among the persons entitled thereto having regard only to the claims and interests of which they have had notice and will not, as respects the property so distributed, be liable to any person of whose claim they shall not then have had notice.

[Sheepshanks]

BlackTails said:

Too Late said:

This has disgruntled the other executor on the will and they are suggesting that we hold the funds for a period because of the Provision for Family and Dependants Act 1975

I am removing my half of the estate and putting it in a separate account as I don't trust the other executor.

Is there anything to be mindful?

Thanks.

Google “inheritance act claims”.

Are there members (current or former) of the deceased’s family, or individuals who were financially dependent on the deceased who were cut out of the will? If so, take proper advice.

Also 'executor's year' - some people think they need to take the year before they do anything.

[Too Late]

Thanks for the replies.

To be honest we are going to put the notice out in the paper

[Sheepshanks]

LimmerickLad said:

IIRC there is a statutory 6 month time limit from being awarded probate for someone to make a claim but if you think there is potentialy a 'skeleton' then I'd get paid advice from a specialist solicitor and not a High st one..... Cost should be decutable from the estate anyway so Co_exec would pay half as well in effect..

Repayment of incorrectly paid benefits can be much later than that - you read fairly often of people dealing with small estates who just divvi out the money pretty well immediately after the death and then ages later DWP start making enquiries and want £xxK back. Of course they've all spent the money on new TVs etc.

Not that such estates would typically be advertised in the London Gazette, but even if they were the cut-off doesn't apply to DWP, HMRC etc.

[LimmerickLad]

Sheepshanks said:

LimmerickLad said:

IIRC there is a statutory 6 month time limit from being awarded probate for someone to make a claim but if you think there is potentialy a 'skeleton' then I'd get paid advice from a specialist solicitor and not a High st one..... Cost should be decutable from the estate anyway so Co_exec would pay half as well in effect..

Repayment of incorrectly paid benefits can be much later than that - you read fairly often of people dealing with small estates who just divvi out the money pretty well immediately after the death and then ages later DWP start making enquiries and want £xxK back. Of course they've all spent the money on new TVs etc.

Not that such estates would typically be advertised in the London Gazette, but even if they were the cut-off doesn't apply to DWP, HMRC etc.

True but IIRC this was what the OP was concerned about:

"This has disgruntled the other executor on the will and they are suggesting that we hold the funds for a period because of the Provision for Family and Dependants Act 1975"

[DT1975]

I think it might be standard procedure by solicitors wishing to cover their backs when handling an estate. I'm not sure its required if DIY.

I did a quite an involved one recently, £1.2 million plus, three beneficiaries, £200k plus in IHT, plenty of involvement with HMRC over various 'issues' (property valuation. investments etc) however it was made clear that once probate was granted that was basically it.

I still kept back £15k for three months to cover any unexpected demands from utility companies etc.

[konark]

The notice in the London gazette only covers your liability as executor. As you are also a beneficiary anyone with a claim to the estate could still claim from you directly.