CGT liabilities

John_Pierpoint

Cpt.Pugwash wrote: »

Getting the solicitor to distribute directly to the five beneficiaries sounds like a good idea and I'll check it out.

Belatedly Barclays did start an executors account for us in the name of "the estate of etc" but it was so slow opening that we had to open the account in use now. !!

Thanks

I originally had a dozen beneficiaries for my latest estate - not all of whom were blood relatives and not all of whom were treated strictly "fairly" by the effect of a partially intestate will; that coupled with a suggestion that HMRC is taking a more "legalistic" attitude to common family situations, were the reasons for getting the agreement from each and every beneficiary. ("Herding cats" comes to mind).

I had exactly the same problem with Barclays - as they held the nest egg of " Mr Dog " my relative, I thought it would be simpler, safer and quicker to open an executor's account with Barclays; especially as two years ago there were industrial problems at the Post Office.

What happened: It took about a fortnight to open the account and about a month (!) to mail me a cheque, that I then had to walk into town and wait a week for it to clear (?!:mad:).
But I did have a cheque book and was able to walk round the town paying out directly into each beneficiaries bank account while checking each account matched by name with the account number I had been given and I had a receipt for each payment. [I have had problems with previous family estates, where dozy beneficiaries have "forgotten" to cash their small [U]Income[/U] cheques (and "lost" their R185's)].

Let us know how things work out.

John.

Savvy_Sue

John_Pierpoint wrote: »

But I did have a cheque book and was able to walk round the town paying out directly into each beneficiaries bank account while checking each account matched by name with the account number I had been given and I had a receipt for each payment. [I have had problems with previous family estates, where dozy beneficiaries have "forgotten" to cash their small [U]Income[/U] cheques (and "lost" their R185's)].

You think that's bad, I am joint executor for my dad's estate and when the bank statement arrived I could see at once that someone hadn't cashed Payment 2 from the estate.

It was me.

I've been very organised with everyone else's money! :rotfl:

Cpt.Pugwash

We originally tried to open the execs account months ago ie February.
The guy in the bank who said "no probs" failed to tell us that the account could only be opened after probate had been granted. We went into the bank a week before the long long awaited probate interview to check that all was in order, only to be told that all the original paperwork had been lost. The original guy had moved to another bank and no-one new what he had done with the documents. Unbelievable! It all had to be done again. Fortunately the second executor, who lives abroad, was with us at the time as he had to attend the interview.
Right now the account looks OK. We can see it on-line and have a cheque book.
What fun and games, Just when we need it!

ps the long long probate wait partly came about because the probate office (London) sent correspondence to the wrong address

John_Pierpoint

I was able to open an executors account with a building society (caused a bit of hassle in the branch) with just a (certified) copy of the will, on the understanding that I could only pay in until I got grant of probate.

Some organisations, when told that their "client" has died, simply issue a cheque to "The personal representative of XYZ deceased" and with a previous estate such cheques would have been over 6 months old.

I would also recommend any one approaching death to have an additional account that does not have any direct debits etc. against it - though not strictly legal it is much easier to pay in a cheque dated prior to death (or even a day or two after) rather than have all the hassle of sending it back and trying to get it reissued. [My worst trouble was with the government department of pensions and social security (or what ever they are called these days) - even though they get their own special form of death certificate]