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Probate - partial distribution

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  • 30-05-2021 6:45pm
    #1
    Jimi H
    Registered Users Posts: 371 ✭✭


    If anyone knows anything about this I’d be very grateful.

    If a parent dies, has some cash and a house. No debts. There is a will. Kids are the only beneficiaries and are due an equal share.

    Can the cash be distributed (leaving some aside for expenses etc.) before the grant of probate and before the house is sold?


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    #2
    coylemj
    Registered Users Posts: 25,334 ✭✭✭✭coylemj


    If the money is in bank or credit union accounts, those institutions will not release the money to the executor until they see the grant of probate.


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    #3
    Jimi H
    Registered Users Posts: 371 ✭✭Jimi H


    coylemj wrote: »
    If the money is in bank or credit union accounts, those institutions will not release the money to the executor until they see the grant of probate.

    Ok thanks. Would you know if the money can be distributed (after the grant) but before the house being sold? Thanks again


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    #4
    Peregrinus
    Registered Users Posts: 26,056 ✭✭✭✭Peregrinus


    Jimi H wrote: »
    Ok thanks. Would you know if the money can be distributed (after the grant) but before the house being sold? Thanks again
    Yes, it can. Although as you point out it may be advisable or necessary to retain some or all of it for the expenses of administration.

    Note that "it can be distributed" does not mean "it must be distributed". This is a decision for the executor. He has a duty to deal with the estate and distribute the assets without undue delay, and interim distributions are quite common.


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    #5
    coylemj
    Registered Users Posts: 25,334 ✭✭✭✭coylemj


    Jimi H wrote: »
    Ok thanks. Would you know if the money can be distributed (after the grant) but before the house being sold? Thanks again

    Yes.

    I was the executor of the estate of an aunt of mine. She left an apartment to a member of the family who decided to rent it out so we did nothing with the deeds of the apartment but I distributed the cash (less funeral expenses) once I had the grant of probate.


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    #6
    3DataModem
    Registered Users Posts: 3,945 ✭✭✭3DataModem


    coylemj wrote: »
    Yes.

    I was the executor of the estate of an aunt of mine. She left an apartment to a member of the family who decided to rent it out so we did nothing with the deeds of the apartment but I distributed the cash (less funeral expenses) once I had the grant of probate.

    How did your family member insure the property, when you (as executor) remained the legal owner?


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    #7
    coylemj
    Registered Users Posts: 25,334 ✭✭✭✭coylemj


    3DataModem wrote: »
    How did your family member insure the property, when you (as executor) remained the legal owner?

    You can insure a property once you have a legal interest in it.

    If someone dies and leaves you a specified property in their will, then if there isn't a current insurance policy in place, it would be highly advisable for you to insure it straight away, regardless of what stage the executor is at with probate. Because if the places burns down, it's your loss.


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    #8
    3DataModem
    Registered Users Posts: 3,945 ✭✭✭3DataModem


    coylemj wrote: »
    You can insure a property once you have a legal interest in it.

    If someone dies and leaves you a specified property in their will, then if there isn't a current insurance policy in place, it would be highly advisable for you to insure it straight away, regardless of what stage the executor is at with probate. Because if the places burns down, it's your loss.

    Until a will is probated, you may not see the will. You've no title or insurable interest until it is probated (from what I know about insurance).

    If the executor fails to insure the house and it burns down before probate, you can sue them for your loss (in the same way you can sue them if they delay sale of a house wilfully and it drops in value)


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    #9
    coylemj
    Registered Users Posts: 25,334 ✭✭✭✭coylemj


    3DataModem wrote: »
    Until a will is probated, you may not see the will. You've no title or insurable interest until it is probated (from what I know about insurance).

    While probate is going on, you have no title but you do have an insurable interest.

    When I signed the contract to buy my house, the closing was several months away but my solicitor told me that I now had an insurable interest in the place and should insure it.
    3DataModem wrote: »
    If the executor fails to insure the house and it burns down before probate, you can sue them for your loss (in the same way you can sue them if they delay sale of a house wilfully and it drops in value)

    In 95% of cases, you would need to turf him out of his own house and make him homeless to get your redress. Throw in a spouse and children and you're well up the creek.


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    #10
    3DataModem
    Registered Users Posts: 3,945 ✭✭✭3DataModem


    coylemj wrote: »
    While probate is going on, you have no title but you do have an insurable interest.

    When I signed the contract to buy my house, the closing was several months away but my solicitor told me that I now had an insurable interest in the place and should insure it.

    You may be right, but you don't actually *know* who is getting the house until the will is probated. Beneficiaries of a will are not entitled to see it before it is probated (although most do of course) and certainly cannot assume they are able to act on its contents. There might be other wills, codicils, a subsequent marriage, etc.


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