executer of a will

reallyclueless_2

I have just found out I am executor of my uncles will. The only thing in the will is a house, some savings, some shares. He had a few bits and pieces. I did think he would make my sister the trustee as she is the clever one, and I do not know where to start.
They were storing the will for him and they phoned me to ask where they shoud send the will to and did I want them to sort it all out.
I do not know how difficult it would be to do it myself. Do I just sell everything then share it with my sister as he told us we would share it between us.
Is it really difficult with all of the forms and that? He was not married and the house is worth about £750,000 as it is in London so I think I might have to pay some inheritance tax. Will the tax people work this out for me or do I have to do it myself. I think he had about £90,000 in the bank. Not sure about how much the shares were worth, as I think he pretty much lived off the interest from them.
I am posting this in two places as I dont know the right board. I hope this is ok

CLAPTON

You don't have to be an executor if you don't want to.
Are you are your sister the sole beneficeries?
What does the will say?

The process is quite straightforward but does take quite a lot of time and you need to be organised.

There is no reason (subject to the full facts) why your sister can't do it on your behalf if she is agreeable.

relaxtwotribes

reallyclueless wrote: »

I do not know where to start.

If you don't know where to start and you really are reallyclueless, then given the amount involved, stop posting on boards like this and get down to a good solicitor's office straight away.

SeniorSam

reallyclueless wrote: »

I have just found out I am executor of my uncles will. The only thing in the will is a house, some savings, some shares. He had a few bits and pieces. I did think he would make my sister the trustee as she is the clever one, and I do not know where to start.
They were storing the will for him and they phoned me to ask where they shoud send the will to and did I want them to sort it all out.
I do not know how difficult it would be to do it myself. Do I just sell everything then share it with my sister as he told us we would share it between us.
Is it really difficult with all of the forms and that? He was not married and the house is worth about £750,000 as it is in London so I think I might have to pay some inheritance tax. Will the tax people work this out for me or do I have to do it myself. I think he had about £90,000 in the bank. Not sure about how much the shares were worth, as I think he pretty much lived off the interest from them.
I am posting this in two places as I dont know the right board. I hope this is ok

Hi,

I hope you have managed to move forward since sending the post, but one point I noticed - you say he was not married.

In respect of inheritance tax allowances, in this tax year your uncle would have a nil rate band allowance of £325,000 before tax of 40% on the balance. However, if he was previously married and not divorced, the executors can clain a second allowance for his former wife.

Just though I would throw this in if it was appropriate.

If you are still trying to grasp the sitation, you can always ask a solicitor to help, but establish costs first. Alternatively there are Probate Brokers who can help you find reasonable cost experts to help.

Good Luck

Sam

SeniorSam

relaxtwtribes.

I thought the idea of posting to this site was to seek help and guidance and remarks like that are not polite when someone is seeking help!

Yes, a solicitor would help, but other routes are available.

Sam

John_Pierpoint

The Chinese have a saying that if you rescue someone from drowning, you are then responsible for them for the rest of you life.

I am picking my way through a very similar situation to yours with the will of Mr Dog,
If you want to follow my adventures, you are welcome, if you get stuck feel free to ask me how it was for me.
Just let me say that I started this adventure, that was not meant to involve IHT (let alone the two months of Sir Fred's pension for destroying RBS that I seem to be paying); I too subscribed to the "what ever do solicitors do for their money" sentiment. I now think that a good one earns every penny of his 1 - 2% fee.
Thank goodness I'm a self employed semi retired pensioner.