Executor responsibilities.

jakey_2

Is an executor accountable to the beneficiaries of a will? For example, if a property is sold can the beneficiaries ask for proof of written valuations?
Thanks for any advice.

jenniferpa

Short answer - yes.

Bossyboots

jenniferpa wrote:

Short answer - yes.

I agree with this.

jakey_2

Thanks for replies. After further investigation, Im afraid that the answer is no,the executor has free reign.

jenniferpa

I don't know where you go your information but the responsibilites go 1) to the deceased's creditors, 2) to the beneficiaries and 3) to the government in the form of proper paperwork etc. If you feel that an executor has played fast and loose, you can take it to law. Just because an executor doesn't live up to their repsponsibilities, doesn't mean they can't be held legally accountable.

jakey_2

The info came from a solicitor.It was just concerning the property that is being sold to pay beneficiaries. As beneficiaries we feel that any property being sold for this purpose should have at least 3 valuations. Apparantly this is not necessary, and only one is needed. So its not a case of playing fast and loose. We just feel that the property has been undervalued for a quick sale and the executor has just accepted it, but as beneficiaries we cannot question this judgement, or ask for more valuations. Surely no one would sell property these days with only one valuation?

Bossyboots

Your question was whether you were entitled to see the valuations, not whether the executor had a responsibility to get more than one.

Your question implied that the executor might have been claiming the property was worth less than it was, perhaps to buy for themselves or syphon off money. Seeing the valuations would have proved or disproved that.

That said, the market value at the time of death will be the figure used for IHT purposes so there is a loss to the estate if the property is then sold significantly under price as more of the proceeds will have to go to IHT.

As the executor is personally responsible for the taxes payable as they arise, it is hardly surprising they want the property sold and the matter completed. He cannot deplete the estate while doing so though but there would be other issues of paying council tax on the property and standing charges. The overall "devaluing" of the property needs to be offset against what costs are still being expended on that property until it is sold.