Lawyers And Bank Protocol

[taichiperson]

As some of you may remember, I'm currently dealing with my mother's estate, being sole benefactor and executor. The lawyer wrote to me to say probate was granted, and that they 'should receive the funds shortly'. I made a bank appointment to go in and ask for information, which was yesterday. I was under the impression that an executors account would be opened to transfer the money to, but the bank had said in the past that without probate they could not deal with me, apart from paying any bills for Mum's estate.
At the appointment yesterday, the bank's representative told me that a cheque had been made out and was being sent to the solicitors. He also said the post was slow due to the weather, which is understandable.
My concern is that a considerable amount of money has been trusted to the postal system - I don't know how it has been sent, whether it is recorded delivery etc - but it seems an antiquated method given the fact that most transactions nowadays are made electronically. I really hope it's not lost in the backlog... I'm waiting to hear from the solicitor - is this method of transferring money the usual routine?

[Peter Pedant]

This is a trying time for you tai-eech
I am sorry for your loss - and every stupid little obstacle is another cut.
I agree that sending a cheque is a bit nineteenth century and havent they heard of BACS ? - for a large sum there would be a charge ( £35 I think )

The money will arrive - I think your big mistake is not doing it yourself and learning the hard way that it would have been much easier and cheaper.

I am surprised that they didnt open an executors account BUT recollect there was already a lawyer involved - and he would have his own strict monetary rules - clients money must be kept strictly separate I was thinking of. and not the other rule - charge! charge! charge!

[Tilly2]

Hi Tai.

I, like you, was sole benefactor and executor of my Dad's estate. When probate was 'granted' and I received the official form, the 'grant of representation'?...I went along to dad's bank with it and the money from his estate was electronically transferred, there and then, to my bank account.
I can't help with your query, I'm afraid but sending cheques worth thousands, through the post, seems a very odd. Did you take it up with your mum's bank? I hope you get it sorted soon. It's a worry, I know.

[taichiperson]

Thanks Peter, but I have to keep my stress levels down as I had a small heart attack last year, and as financial matters like this tend to press my buttons, I thought it would be less stressful to let the solicitor get on with it.

Tilly, I've only just found this out. I don't think there's any point taking it up with the bank, they said they wouldn't do anything without probate and the process wasn't dealt with 'in branch' anyway. Hopefully things will go through OK.

[Peter Pedant]

thx tillz
Banks go for - "dare are rules you know!"
when um there may not be

I went along with a nrighbour and the will in which he featured ( small estate, very small) - and got the probate run around.
I said - you arent gonna close/freeze the account until probate ? You are joking arent you ? - we are telling you the account holder is dead and you should act on this information.

and we sortta got on better afterwards.
( but that was closing/freezing and not transferring an account)

[taichiperson]

Re freezing the account - yes, the bank did that also, though the bank manager kindly pointed out they couldn't do that until they had the death certificate so I got a little breathing space.

[Tilly2]

I'm sure it will be fine. I don't suppose they've just put it in an envelope and stuck a first class stamp on it.

[taichiperson]

LOL Tilly, me too but in the wee small hours you do wonder!

[EDDIE51]

You will probably have the same problem I had when my mother passed. The cash was in the solicitors account but they kept on finding excuses to hold on to it and avoid paying out. It was over 12 months before they finally paid benefactors. In the meantime they were getting interest on the cash, which they did not pass on.

[taichiperson]

Gee thanks Eddie, was hoping to come away from answerbank with less worries, not more! I used to have a friend who was a partner with the lawyers' firm I'm using, but she retired. They are a reputable if expensive firm.