Probably a clue here.I'm part beneficiary of a probate property sold in April 2023. Funds from property went to Solictor then for distribution to beneficiaries. As a beneficary assumed would receive share soon thereafter. However in May told by executors solicitor advised them to meet with a financial/tax adviser to advise before distribution of funds. Anyway here we are now 4 months since property sold - no distribution to beneficiaries as yet. I'm no legal expert but should that not have been fully sorted in the time period when house was sale agreed - sold which lasted more than 9 months probate delays etc Also I have concerns with such a large sum sitting in a solicitor /client holding account for more than 4 months. Am I being unnecessarily concerned here? is this standard practice & acceptable ....any advice welcome here thank you.
To answer your question above I would be concerned about large sums of money sitting in an account for that lenght of time when in my opinion ( not an expert one - obviously!) those matters should be sorted pre sold stage so that money moves to beneficiaries in a timely manner after sold stage.I agree with the above. Delays are common but there is no way for any of us to know if the executor is very slow to make progress or if they are having issues checking if there are taxes or other liabilties due.
What exactly is your concern about the solictors client account ?
Yes appreciate that but surely it should not take months to sort out.Probably a clue here.
Ok thanks for that - will doYou need to raise this directly with the executor as you have no relationship with the Solicitor, who acts in accordance with the executor’s instructions.
The executor is probably waiting on the tax advice, the Solicitor’s bill, the preparation of the Estate Account and establishing other liabilities of the estate with a view to discharging them before the beneficiaries can be assigned their distributions.
What's the problem with that then? Client account monies can't be touched. And even if you had a rogue solicitor clients funds are fully protected. Also your 'large' might be tiny for the solicitor who handle vast sums.To answer your question above I would be concerned about large sums of money sitting in an account for that lenght of time when in my opinion ( not an expert one - obviously!) those matters should be sorted pre sold stage so that money moves to beneficiaries in a timely manner after sold stage.
If it's a complex matter, for example the quantification, agreement and settlement of tax arrears of the deceased, you'd struggle to get it resolved any sooner.Yes appreciate that but surely it should not take months to sort out.
Thanks for that but ours is actually SOLD x 4 months and still no distribution of proceeds from house sale....at least yours is still I the stage between sale agreed - sold so I can understand that a little!Going through this process at the minute as an executor, house is sale agreed, contract been exchanged and Probate granted. Revenue wrote to the solicitor this week asking me to to complete a tax return for the deceased for last year (she was a pensioner, no other income bar the widows pension so will be easy enough). Letter stated funds should not be released until the Revenue have given the ok. Why that can't have been done as part of Probate is beyond me but it seems to be the way it is.
Fully protected by who? I'm not suggesting that the solictor would be 'rogue' but it's hardly good practice to have money sitting in a 'client' account for months ....surely these tax matters should be fully sorted in the time period between sale agreed stage & sold. Its completely irrelevant to me how much money the solictor handles & whether he views the proceeds from this house sale as tiny or large... my point is that funds from proceeds of an executor house sale should go to beneficiaries as soon as possible & delays of 3-4 months after sold - or possibly longer in our case - are not good practice.What's the problem with that then? Client account monies can't be touched. And even if you had a rogue solicitor clients funds are fully protected. Also your 'large' might be tiny for the solicitor who handle vast sums.
The Law Society of Ireland through the Law Society's Compensation Fund.Fully protected by who?
The sale of the house is irrelevant here in terms of the timeline. The letter we got came out a few days after probate was granted. It took my solicitor 3 weeks to forward it on to me as executor. Once the Form 12 was filled in, the revenue have 35 working days to respond so the timeline you need to be asking about isThanks for that but ours is actually SOLD x 4 months and still no distribution of proceeds from house sale....at least yours is still I the stage between sale agreed - sold so I can understand that a little!
In reality they can take as long as they like.The sale of the house is irrelevant here in terms of the timeline. The letter we got came out a few days after probate was granted. It took my solicitor 3 weeks to forward it on to me as executor. Once the Form 12 was filled in, the revenue have 35 working days to respond
Revenue stateIn reality they can take as long as they like.
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