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Solicitors suggesting making interim payments re:inheritance


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Old 10-03-2009, 02:04
Bigfeet
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A relative died recently, all his affairs were in order so everything regarding his estate/inheritances etc is straight forward.

However - I'm just curious, the solicitor dealing with things has suggested that one of the benefactors (who is due to get monies remaining from savings/investments after expenses etc have been paid) be given an interim payment (100,000) while everything else is sorted out.

There is no problem with this as it is actually only a fraction of the worth of the entire estate and the other benefactors will still all get their inheritances, but I was just wondering why the solicitor would suggest this course of action?

Has anybody any ideas regarding this/past experiences of similar?

Like I say - there's no problem, I'm just curious .
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Old 10-03-2009, 02:23
WokStation
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The beneficery may have contacted the solicitor and told them of money troubles, for example an impending foreclosure on a mortgage or other loan - or perhaps they just don't have any money to live on.

Or the person may have just said "any chance I can have a little bit now?".
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Old 10-03-2009, 10:13
Davemba
 
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Interim distributions are quite normal as it is easier to liquidate some assets (bank account) than others (houses). Then there is the question of tax, so some money has to be kept back and it may be that the main beneficiary is getting the bulk of the asets and so, the tax will fall on their part.

Any liquidated assets not distributed should be left on deposit. If you want some, just ask if there is any chance of an interim distribution.
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Old 10-03-2009, 11:09
Miriams Sister
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Our Solictor gave me, my brother and sister money that was in a building society account of our late mother's, while they did all the house selling and other money business. He said we may as well have it instead of it sitting in their account!

Of course when the Estate account was given, the payments were stated on there. Then they distributed the final payments.
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Old 10-03-2009, 14:36
QuicheofDeath
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A relative died recently, all his affairs were in order so everything regarding his estate/inheritances etc is straight forward.

However - I'm just curious, the solicitor dealing with things has suggested that one of the benefactors (who is due to get monies remaining from savings/investments after expenses etc have been paid) be given an interim payment (100,000) while everything else is sorted out.

There is no problem with this as it is actually only a fraction of the worth of the entire estate and the other benefactors will still all get their inheritances, but I was just wondering why the solicitor would suggest this course of action?

Has anybody any ideas regarding this/past experiences of similar?

Like I say - there's no problem, I'm just curious .
It's quite normal, though for such a small amount it hardly seems worth it. It's likely that the beneficiary has probably had to ask for the money to sort out their own financial affairs, debt etc.
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Old 10-03-2009, 15:20
Bigfeet
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The beneficery may have contacted the solicitor and told them of money troubles, for example an impending foreclosure on a mortgage or other loan - or perhaps they just don't have any money to live on.

Or the person may have just said "any chance I can have a little bit now?".
Interim distributions are quite normal as it is easier to liquidate some assets (bank account) than others (houses). Then there is the question of tax, so some money has to be kept back and it may be that the main beneficiary is getting the bulk of the asets and so, the tax will fall on their part.

Any liquidated assets not distributed should be left on deposit. If you want some, just ask if there is any chance of an interim distribution.
Our Solictor gave me, my brother and sister money that was in a building society account of our late mother's, while they did all the house selling and other money business. He said we may as well have it instead of it sitting in their account!

Of course when the Estate account was given, the payments were stated on there. Then they distributed the final payments.

Cheers for the replies - it would make sense that this beneficiary receives the interim payment as it is coming from savings etc, whereas the main beneficiary has inherited properties, vehicles and land.

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