What happens to money on death

[Sambuca]

Can anyone expalin to me what happens to money in bank accounts in the event death?

My grandmother died last year and the solictor whois looking after the estate is also the executor. I'm finding it very hard to get any information out of him in relation to when it will be settled. It has being going on now for 8 months now and only after I called him last week he told me he got grant of probate 2 weeks ago and said he is starting to call in the money from the banks which can take a while. Surely this should not ake long?

I thought that the monies would be put in his client account on date of death pending the grant of probate??

Also as I was left a set amount am I entitled to interest on that amount since date of death?

 

[mf1]

"I thought that the monies would be put in his client account on date of death pending the grant of probate??"

Try and think about this logically. The money was in your grandmothers account. How do you think it finds its way into the (solicitor's) client account? That only happens when the Grant of Probate issues - only then does the executor have the entitlement to call for the money from the bank.

Unless there has been an inordinate delay in dealing with the estate ( and frankly, unless you are a major beneficiary and / or with sufficient information to know what if any, difficulties were encountered), you really are not in a position to level accusations of delay. It would not be usual to call for interest. Anyway, if you were bequeathed a sum of money, that is all you are entitled to.

My advice to beneficiaries always is if you have a real concern, go and pay for proper legal advice about it. Most solicitors take a pragmatic view.

mf

 

[putsch]

Unless its a very small amount of money the banks want the Grant of Probate before paying out to the executor. The amount paid out by the bank will have interest if its in an interest bearing account - not otherwise. If you got a specific bequest e.g. 5,000 that's it - no interest. If you got "all the money in my account in XY bank" then you'll get whatever was in that account including interest.
If there was an enormous delay in paying out by executor after he received money from bank you could ask for interest - but in your case 1 year isn't too long for a grant of probate and the executor wouldn't be liable to pay interest.