How to Ensure that Executors are Honest in Dealing With an Estate

emc

Can you please advise me on what sort of accounts the executors of a will need to provide to beneficiaries, and what is a reasonable timescale for executing a will where there is a property to be sold. How can beneficiaries check that all the assets of the deceased have been included in the estate and correctly distributed? Thanks folks.

Plans_all_plans

As far as I'm aware a will is a matter of public record and the executor is responsible for administering the estate in accordance with the will. If they do not then the beneficiaries can hold them personally responsible for the maladministration of the estate and can take a case against them. I also think that a wait of up to 12 months is usual, but it could be longer if the estate is complex. Obviously, if a house has to be sold then that can take quite a long time so I'm not sure whether the 12 month thing still applies, as the executor has to try to get the best possible price for the house.

Someone else with more knowledge will be along to help shortly, but these are just my initial thoughts.

Savvy_Sue

if you are concerned, I think you can contact the probate office and put a caveat on the will. They'll then ask searching questions of the executors.

Arthurian

You can ask for a copy of a will, but if it divides the estate into percentages to each beneficiary, you still don't know if the executor has acted fairly - the cheque you get might not actually be the correct percentage of the total. I think you can also get a copy of the probate grant, for a small fee, which might tell you more about actual sums involved.
http://www.hmcourts-service.gov.uk/cms/1226.htm

emc

Thanks people, for your advice.

As usual, it's a delicate matter, where it's not so much a case of stopping the executors being granted probate, but just ensuring that all the funds from the estate have been included, rather then for example some funds disappearing, and also ensuring that the property is sold within a reasonable time.

I was wondering whether beneficiaries are entitled to get from the executors for example details of the individual financial accounts rather than just a total figure of the assets, which obviously cannot be checked.

Savvy_Sue

I think if you have reason to believe that funds may have 'disappeared', that's when a Caveat comes in handy, but I don't know exactly how it works, whether you have to state your concerns in any detail or what.

I don't think you are entitled to get those details. As a joint executor I would happily have supplied them had anyone asked (but I'd also have been slightly miffed that someone didn't seem to trust me!)

emc

Sue, As probate has not yet been applied for, I am not saying that any funds are missing as yet, and your being 'miffed' is what I meant when I said that it is a delicate matter. A caveat on probate would be an obvious declaration of suspicion which may be totally unfair, as the execution of the will has not even been started, and would certainly antagonise the executors.

That's why I'm asking whether there is a standard level of checkable details which executors need to give to beneficiaries, so that the latter can be sure the funds are complete, without having to imply mistrust of the executors. This is particularly relevant where the estate is shared equally between the beneficiaries, who are siblings, and two of the siblings are the executors.

For example, the executors would have to write to each financial firm where the deceased had an account for a list of the accounts held by the deceased, with the respective balances. If all of these lists for all financial firms where the deceased was known to have an account were automatically included in the financial statement made available by the executors to the beneficiaries, then it would be possible to confirm that no accounts have been omitted from those firms.

Savvy_Sue

putting it bluntly, is it one or both of the executors you don't trust? and if it's one, does the other know this?

emc

Both of them.

Savvy_Sue

tricky ... I think my siblings trust me and my brother equally, but tbh he's even more anal than me, and completely nit-picking! So I'd never get anything past him, even if I wanted to.

nad1611

As people have suggested I don't believe that the Executor is under any obligation to disclose the assets of the deceased. If, as in your case Probate hasn't yet been applied for and the Executors disclosed the assets, they would be negligent in doing so without informing you that they haven't as yet settled any liabilities. Yes the Executors have to absolutely inform and collect all accounts and business to do with the Estate, not to do so would potentially leave something unpaid, which would not be in their interests at all as they could be held liable for any unclaimed debts from the Estate.

I wouldn't want to disclose the assets until I was absolutely certain that all creditors, bills, repayments of pensions, as in the case of a delayed notification of death and by ensuring that anyone with a claim on the Estate has been satisfied. I believe that to ensure that one has to advertise in the London Gazette, inviting anyone with a claim to apply within two months of the advert. Don't quote me on that!
In the case of property it can easily take up to a year to Execute the Will.

If you're shown the assests now you can't presume what the final tally will be unless they are going to show you all the accounts and have made records of all the incomings and outgoings and any expenses they may have incurred.

Take a look at this http://desktoplawyer.co.uk/dtl/index.cfm?event=base:article&node=A76991BD77118

It seems to suggest that this Estate Account is something which has to be done by the Executor/s after the assests have been distributed. If this isn't done then obviously you would be within your rights as a beneficiary to contest or apply to the Court.

Unfortunately until they have actually executed the Will, which could take a year, it's a little early to spot any deception or any potential deception. My husband an I are Executors of a Will at present and we've written and kept every receipt payment and bills assets etc in a book especially for the Estate and I would want people to feel they could ask to see this whenever they wished. Good luck.