Distribution to beneficiaries query

[Running Hatter]

I am the executor of my late fathers will, my mother died 10 years ago. I completed probate myself, straightforward will, divided equally between myself and 4 siblings, house is sale agreed, we are all well below the CGT threshold, approx 50.000 euro each from sale of house. My question is can just distribute the funds to the beneficiaries once the sale of the house is completed or do I have to contact revenue (separate to probate) and wait for approval first.

 

[DannyBoyD]

You would be wise to get revenue clearance in regards to the estate.

 

[thedaddyman]

agreed, otherwise if a liability raises it's ugly head and funds have been distibuted, you, as the executor, could be liable.

 

[Running Hatter]

Thanks for the replies, I presume the solicitor doing the conveyancing will do this before transferring the funds. I read somewhere that Revenue have 35 days to reply once clearance is sought and only then funds can be transferred to the beneficiaries.

 

[Zobeda]

With you (OP.) having looked after probate yourself and I right to assume that the solicitor has been engaged solely for the purpose of handling the house sale?

If yes to above this was my experience a few years ago. The Solicitor required that I get the relevant Revenue clearance so that the house sale proceeds could be released to me by her.

I contacted Revenue by telephone and asked about the process. The agent I spoke with was very helpful and between we drafted my request which I sent online through MyAccount.

I guess the same agent then reviewed the SA1 and issued clearance to distribute via MyAccount within a day or two.

I printed it, scanned it to the solicitor, and the funds were then sent to me electronically when all was concluded.

Hope that helps.

 

[Running Hatter]

With you (OP.) having looked after probate yourself and I right to assume that the solicitor has been engaged solely for the purpose of handling the house sale?

If yes to above this was my experience a few years ago. The Solicitor required that I get the relevant Revenue clearance so that the house sale proceeds could be released to me by her.

I contacted Revenue by telephone and asked about the process. The agent I spoke with was very helpful and between we drafted my request which I sent online through MyAccount.

I guess the same agent then reviewed the SA1 and issued clearance to distribute via MyAccount within a day or two.

I printed it, scanned it to the solicitor, and the funds were then sent to me electronically when all was concluded.

Hope that helps.

Thank you, that's very helpful.