Almost 4 years ago a family friend died and left some money to my mother. She wasn’t given the full amount at the time as some (apparently) had to be held back for tax and legal fees. We were told at the time that once the full amount of this expense had been determined that she would receive the difference. Guess what? 4 years later and still nothing. Is this normal? I keep calling the executor of the will every 6 months or so but he just keeps telling me that these things take time. Really? This much time? Is my mom getting screwed?
Honestly, it depends on how things shake out with the family and other named parties in the will.
My grandfather died about 4 years ago and things are just wrapping up because different family members were contesting portions of the will. There were specifically named people who were to receive money but Uncle X is saying his step-children should also get money and obviously grandpa just over looked them (not likely, but whatever). Aunt Y is claiming that she should be back paid for caring for her father for the last 10 years despite the fact that he was extensively traveling around Europe for 9 of them (i.e. she’s full of crap).
If stuff like that is going on with your mom’s friend’s will, it could take a very long time to sort things out. Depending on the duration of the bitching, it could be that once all taxes are paid, and fees are sorted there will be nothing left and the initial amount your mom got will be it.
Well there is no inheritance tax in Canada, so no money’s going specifically for that. But there are probate fees that come out of the dead person’s estate… also whatever debts they had or unpaid income taxes they owed are taken out. Then as already stated whatever the will it’s self said is re-calculated from what’s now been taken and argued back and forth between whoever has a stake in it. It can take a few months when everything is simple and the inheritors reasonable, or yes - YEARS when there’s a mountain of paper work and claims against the estate.
My sister in-law’s dad left a good sized estate worth several million to his two daughters and new girlfriend (don’t know about his ex-wife). That took over 5 years to settle, and the lawyers took a lot of it. The 750K my sister in law got is nothing to sneeze at, but it could have been double that or more under more favorable circumstances.