intestate rules

[mikehardy]

Hi all,

Yes it happened to me!  Received a letter from a professional genealogy firm referring to a distant relative had died intestate.  Large value estate but many potential beneficiaries spread all over the globe!!  Now some 2 years on the solicitors appointed are sitting on the liquidated estate running into 6 figures,  can somebody advise if the money held by the solicitors will attract interest and at what rate?  I am the appointed administrator.         The genealogy firm are still chasing potential beneficiaries and say this process could go on for years!  Is there a time limit?

Thankyou in advance for any help

Mike.

[Milliepede]

First thing I would say is it a genuine letter?  You do know of the relative who has passed away.

[mikehardy]

Yes all genuine.

[mazi]

I am not qualified to advise, but, based on my experience, it could go on for years.

Yes the Solicitors should invest the money, but with interest rates as they are, and the estate must pay tax on the interest, it won’t be a lot.

The bit that worries me is the phrase,   I am the appointed administrator.   Does this mean that you personally were named as the administrator of the estate, not just that your permission was obtained for some other body to administer the estate.
if so then you are personally liable for any errors that may occur, I hope you have a solicitor acting for you personally.

Every known beneficiary has to be traced, if they are known but cannot be traced then their share must be held against  a future claim.

Legal expenses will consume a significant amount, so don’t hold your breath

Mike

Mike

[mike175]

Like the other Mike I am not qualified to advise but a few thoughts occur, based on my recent experience as an executor.

Who appointed you as the administrator?
Are you the sole administrator?
Who appointed the solicitors?

If you are the administrator the solicitors should be working for you, and you can ask them if interest will be accrued on the funds which should be held in their client account.

I read somewhere that beneficiaries have 12 years to claim their inheritance. Again the solicitors should be able to tell you the legal position.

Mike.