Please help - RBS, a 77 year old, a £20K loan, and death...

paologray

...and in fact, I told her about this and the 4% they charge for being executors, and she was livid. It was on her list of things to do she had stuck on her fridge before she went into hospital.

Would you be happy paying the bank 4% of your families inheritance to the bank, when it's something that could quite easily have done?

paologray

I can hear the conversation now when she made her will at the bank...

Nan: Whats this? Executor...?
Bank Man: Oh its the person you want to look after your finances when you're gone, you know - dish out the money to the relevant people. We'd be glad to do it for you...
Nan: Lovely. How kind.
Bank Man: You're welcome.

LEJC

I think its very sad when the wishes of a person are not respected...its clear you have a different view of bankers than that of your grandmother...you say you dont care what happened to the money she borrowed...lets hope she didn't donate it to a charity for distressed bankers....!

In all seriousness...if she appoined executors and made her decisions,thats her wishes..in trying to get executorship you are potentially going against her wishes....you should let the estate be divided as she wished and be thankful that she chose to consider you in her will.

paologray

I think you're missing my point. She didnt know the Bank, acting as executors would take a 4% stake until I told her.

dmg24

Was she of sound mental health when she took out the loan?

paologray wrote: »

Unsure. But I've got good backing from a good solictior...

Then why are you asking for advice on an internet forum?

paologray wrote: »

Don't forget, my Nan comes from an era where there respected bank managers and solicitors. I see them as money grabbing swines who make money off of my back.

This contradicts your earlier statement!

molerat

On an estate that size the bank will probably be happy to sign executorship over as their cut is probably not worth the aggro, they did in my MIL's estate. I am sure the solicitor will advise you well ........ for a fee :rolleyes:

If she was of sound mind why should she not take out a loan. It was her decision and I very much doubt the bank sent some heavies round to force her into it.

If you become executor and don't pay it back then you will become personally responsible.

ILW

paologray wrote: »

If you had the decency to read the whole post, you would have read that I did warn her about banks being executors.

I'm screwing the bank over??? So its ok for the bank to claim 4% of what my nan has strived for all of her life? I'm not a slimebag for wanting everything to stay in my family.

I suggest YOU go and make YOUR bank the executor or your will then.

I would guess that the banks fee would be about £3000 if based on net value of estate. Before you go too far in remember that a decent solicitor will charge about £150 per hour. So if he spends 20 hours on you ..........

LEJC

ILW....you just beat me to exactly the same point....

Paul ... I have read the whole of your posting and I do feel sorry for you however I think you have many issues that are unresolved concerning if the loan was granted correctly and also if your grandmother knew of the 4% fee....

I guess that your grandmother did what she thought was best on both counts and of course hindsight ( and the benefit of your wisdom) is a great thing....

I can only re-inforce what ILW says as unless you are absolutley sure how to deal with this, passing it over to another solicitor or similar may work out just as expensive....

At the end of the day..if you feel that your grandmother was misled or mis informed then take her experiences and set your wishes in your last will and testiment accordingly....Afterall im sure you wouldnt want someone picking over your decisions after your death....

and im sure your grandmother wouldnt want that either.

Anihilator

paologray wrote: »

If you had the decency to read the whole post, you would have read that I did warn her about banks being executors.

I'm screwing the bank over??? So its ok for the bank to claim 4% of what my nan has strived for all of her life? I'm not a slimebag for wanting everything to stay in my family.

I suggest YOU go and make YOUR bank the executor or your will then.

You warned her once she had agreed to do 4% away. A good grandchild would have been visiting his gran regularly, assisting with her finances and generally wouldnt have made it so she needed a bank to do this for her.

Yes its perfectly ok for them to charge for a service. You only object now because its clear your gran wasnt as well off as you thought and the bank wont be writing you a cheque.

The fact is your concern for her financial capacity and wellbeing only seems to have come into part when the inheritence started to dwindle. Funny that.

savingmummy

Sorry for your loss.

That is a lot of money has she spent it? its inly over a year ago.
Do you have any idea where it went if not - that concerns me.
I think i would use the estate to pay the loan in full.
I find it odd them given her a loan of that size.