How Long Can a Solicitor Hold the Money After Probate?

When a solicitor is appointed to handle the probate process, they may be responsible for collecting and distributing the assets of the deceased’s estate. This includes handling any money that is due to the beneficiaries of the estate. The question of how long a solicitor can hold the money after probate has been granted is a common one, and the answer can vary depending on the specific circumstances of the case.

Holding Money

When a solicitor is appointed to handle the probate process, they are considered to be acting as a trustee of the estate. This means that they are responsible for holding and managing the assets of the estate, including any money that is due to the beneficiaries. The solicitor is required to hold this money in a separate account known as a client account.

Distributing the Money

Once the probate process has been completed, the solicitor is responsible for distributing the assets of the estate, including any money that is due to the beneficiaries. The solicitor is also responsible for providing a detailed account of the assets and liabilities of the estate to the beneficiaries.

Time Frame

The specific time frame for distributing the money after probate can vary depending on the circumstances of the case. In general, a solicitor is required to distribute the assets of the estate as soon as reasonably possible, taking into account any legal or practical issues that may arise. This could include waiting for the completion of any outstanding legal proceedings, such as tax issues or disputes over the will. It’s important to note that the solicitor may retain a certain amount of the money as a fee for their services. The fee will be agreed upon before the probate process begins, and will be outlined in the solicitor’s terms of engagement.

Complaints

If you have any concerns about the way your solicitor is handling the money after probate, you can make a complaint to the Legal Ombudsman. The Legal Ombudsman is an independent body that deals with complaints about solicitors. They will investigate the complaint and make a decision on whether or not the solicitor has acted improperly.

In conclusion, a solicitor can hold the money after probate for a varying amount of time, depending on the specific circumstances of the case. They are required to distribute the assets of the estate as soon as reasonably possible and provide a detailed account of the assets and liabilities of the estate to the beneficiaries. If you have any concerns about how your solicitor is handling the money, you can make a complaint to the Legal Ombudsman. It’s important to keep in mind that the solicitor may retain a certain percentage of the money as a fee for their services and this will be agreed upon before the probate process begins.