Lawyers holding funds after sale

[keepon]

How long, on average, does it take for lawyers to transfer funds to beneficiaries after an executor's sale of property? I'm currently involved in this scenario but I'm a little concerned that it 'may be some time' before the process is completed.

 

[mf1]

How long, on average, does it take for lawyers to transfer funds to beneficiaries after an executor's sale of property? I'm currently involved in this scenario but I'm a little concerned that it 'may be some time' before the process is completed.

You know, don't you that there is not nearly enough information in that post! There is, however, the delightful "whiff" of something askance.

Why don't you just ask the solicitor? In complex cases, there may well be reasons why the sale proceeds cannot be disbursed within a matter of days. In simple cases and assuming that the executor is not waiting for other assets to come through and if the estate is being entirely finalised, then one to two weeks is the norm.

mf

 

[monascribe18]

As long as they can in their own accounts,i was involved in a will a few years ago,took 2 years to finalise,£350,000 involved with 6 persons named in the will,no debts or anything else outstanding,sharp practice??

 

[keepon]

Thanks for those insights.

Sorry if the information seems sparse, but I thought it straightforward. Contract is about to close, monies are about to be distributed, one hopes, and so, barring additional wrinkles, it's a matter of how long it takes for cheques to issue.

The 'whiff' referred to is the glacial progress to date, similar to MS's experience, though I think it is lack of urgency rather than sharp practice.

I'm sort of happy to see light at the end of the tunnel now, but I think I can be forgiven for being pessimistic!

PS: I'm dealing with an executor, not a solicitor.

 

[MOB]

Folks,

The solicitor is getting ( just like everyone else) a fraction of 1% per annum interest at the moment. There may be unjustified delays from time to time in dealing with files - but there is no hidden\nefarious motive to delay things just to make a profit on the deposit interest. Unless you are talking about seven figure sums or at a minimum very high six figures.

In administration of estates, I have got to the stage where, if I think there is going to be even the slightest hint of a snide comment about money being held in my account, I will insist at the outset that the client(s) open a separate administrator's\executors account with the local bank. We then just lodge every penny that comes in straight to this account and get a cheque from the clients for our fees. It is then up to the client(s) to deal as they see fit with bank charges and deposit interest. This is much less convenient for the clients and usually saves them absolutely nothing - but it allows us to avoid the sort of accusation(s) suggested here.

 

[keepon]

MOB, there is no such accusation stated or implied here.

There may be a background perception, which I am sure is shared by most of the population, that delays are part and parcel of dealing with professionals in this area. You seem to be on top of that, though.