Solicitor as Executor, who does this work.

wearside_2

bristol_pilot wrote: »

Yes - if leaving money to a charity make it a fixed sum, never the residue or they may make life hell for the executor.

My wife was the executor for both of her parents and following the death of the last one has to arrange the sale of the property and obviously clear the house. She is an only child so I help in a big way and we have appointed a solicitor for a fixed fee. The will included two charities, one national and one local. In addition there are six further beneficiaries including my wife and two minors. Due to the way the will is worded, as no mention was made for the parents of the minors to set up and administer the two Trust Funds, my wife as executor has to do this. Both charities were left a percentage of the estate not a fixed sum.

We would like to purchase the property as it has been in the family for close on fifty years and holds lots of memories. We have obtained two market valuations both give roughly the same suggested selling price. As the property is worth in the region of £250,000 we have been advised to price it just below this because of the Stamp Duty Threshold and to expect £235,000.

We have contacted our solicitor and he has told us that due to the "self dealing rule" other residuary beneficiaries have to give permission if the property is to be sold to my wife. As yet we do not know if approval has to be a majority decision or every beneficiary has to agree. We have been told that the national charity insist that the property is marketed for at least six weeks and any offers received have to be approved by them. In addition, we should inform them of anything from the house that we dispose of, and if house clearance is arranged.

From what should have been a straight forward will leaving the estate to my wife and immediate family, it is turning out to be a total nightmare, mainly due to the charity being left a residue of the estate. We wonder if the repercussions of this were explained when the original wills were made.

My advice is NEVER EVER leave a residue amount to a charity and to be honest leave money to the local branch as they are usually the ones that are intended to benefit.

If anyone would like to comment/give advice on our/my situation they would be appreciated.

abdonz

Unsure of costs etc just wanted to say if you are not leaving someone something state in your will that your not, my father pasted in march I was executor he did not leave his wife anything as she had 70k of her own money and told him she wanted nothing. That was till he died and she contested the will i had to give her 18,500k to not take it to court his estate was 52k in total.
So please be very careful when writing your will.