Distributing an estate

greshoff

I am in the process of sorting out my mother-in-laws estate. Probate has been applied for and we have the interview tomorrow. Once probate has been granted we can go about collecting the the funds from the various sources and depositing into executors account. We will get a deed of appointment drawn up. My question is regarding the distribution of the estate to the beneficiaries, does this process need to be overseen of witnessed by a solicitor or can the funds just be distributed as per the will & deed of appointment.

Norman_Castle

My question is regarding the distribution of the estate to the beneficiaries, does this process need to be overseen of witnessed by a solicitor or can the funds just be distributed as per the will & deed of appointment.

No need to involve solicitors. Just keep good records and make them avaliable if anyone queries your distribution.

greshoff

Thanks, Would also be interested to hear from others who have gone through this process.

dzug1

You don't need a solicitor - just keep accounts which probably no one will ever ask for.

What's a deed of appointment - never heard of it? Unless you mean the Probate document - you don't need anything separate.

greshoff

My mother in laws will was written before changes to the inheritance tax liability were made and her will stipulates that the estate is put into trust. The deed of appointment is a legal document that enables the trustees to distribute the contents of the trust without the need to set up the trust. It is more complicated than this & I'm sure someone with more knowledge will clarify

Savvy_Sue

Dad's will is similar: my co-executor and I have sent cheques out to our siblings 'as and when' largish sums came in from his various bank accounts. We've kept some back in case we need to pay for professional advice.

If we were asked to show where the money's gone, it's all in a Google docs spreadsheet, and backed up by the bank statements.

dzug1

greshoff wrote: »

My mother in laws will was written before changes to the inheritance tax liability were made and her will stipulates that the estate is put into trust. The deed of appointment is a legal document that enables the trustees to distribute the contents of the trust without the need to set up the trust. It is more complicated than this & I'm sure someone with more knowledge will clarify

You mean Deed of Variation I think - that makes much more sense.

Savvy_Sue

dzug1 wrote: »

You mean Deed of Variation I think - that makes much more sense.

No, there is something called a Deed of Appointment which does what greshoff describes.

LillythePink

Although over here and no trust involved or anything like that, I just paid out to the beneficiaries when all the money was available and backed up by statements/receipts etc

I didn't even open a separate bank account - did it all out of my personal one. Nothing has ever been queried or anything.

dzug1

Savvy_Sue wrote: »

No, there is something called a Deed of Appointment which does what greshoff describes.

Ah - I see now. Tks for the clarification

Savvy_Sue

dzug1 wrote: »

Ah - I see now. Tks for the clarification

I'm glad I clarified you. I'm still not sure I understand it ...