Can I ask beneficiary to refuse part of his inheritance?

madbadrob

Without no signed agreement there is no way to prove this was a loan and not a gift. As others have said as executor you can ask for all debts to be repaid to the estate prior to distribution however unless you can prove it you dont stand much chance of getting it back unless of course the beneficiary wishes to repay it. You cannot withold any money entitled to him nor can you suggest which portion of the estate you do not give him should he be willing. I for one would never allow you to take shares from me which so long as they are not cashed in will increase in value. I suspect you realise this which is why you want to ask him to renounce his rights to the shares.

Rob

Mojisola

growler834 wrote: »

He won't want the shares transferring into his name as he lives abroad so they will be sold anyway & the proceeds would be given to him as per the will.

Does the will allow you to sell the shares?

If the will says that the shares are to be transferred to him, you may have problems trying to sell them.

getmore4less

Mojisola wrote: »

Does the will allow you to sell the shares?

If the will says that the shares are to be transferred to him, you may have problems trying to sell them.

unlikely to be problem chances all that will be asked for is the grant,

There is no reason for any asset holder to see a will if there is a grant.

madbadrob

getmore4less wrote: »

unlikely to be problem chances all that will be asked for is the grant,

There is no reason for any asset holder to see a will if there is a grant.

However not transferring shares if the will states they are to be is misadministration

Rob

rpc

growler834 wrote: »

We know that the money was placed in his bank account as my husband (his father) was the person that did this on behalf of my MIL, unfortunately though we no longer have the bank slip to prove it.

A bank slip proves nothing (other than money being transferred). People gift money to relatives all the time.

What you need to prove is that the money was given as a loan with the intent that it be repaid. A loan agreement signed by both debtor and creditor would be a good start. A paper (or email) trail showing the same intent would probably do. "Everyone knows" will almost certainly get you nowhere - except perhaps into court for maladministration if you do not execute the will according to its terms.

Mojisola

getmore4less wrote: »

unlikely to be problem chances all that will be asked for is the grant,

There is no reason for any asset holder to see a will if there is a grant.

I've no experience of selling shares but I had a few insurance companies asking to see the will as well as the grant before they would release the money even though the amounts of money were quite small.

growler834

Mojisola wrote: »

Does the will allow you to sell the shares?

If the will says that the shares are to be transferred to him, you may have problems trying to sell them.

The will states 'I leave my **** Shares to my grandson ****.'
As the will was made 15 years ago & he now lives at the other side of the world & has done for many years, I don't think he will want to keep them (they are a British company). Should he wish to keep them, can a non-British resident transfer into his name shares in a British company? I know very little about stocks & shares & I haven't looked into it yet. If he can, do I, the executor, have to do that for him or will he have to do it from thousands of miles away? He has no intentions of travelling home to help sort things out so he would have to do it all my mail if that was the case. I just assumed, because he always needs money, that he would rather have the cash than the shares & if he is happy for us to sell the shares & send him the money along with the rest of his inheritance will a letter from him stating such agreement be accepted by the shares company?

As regards the loan - we intend to appeal to his better nature (it's not the first time all family members have helped him out of his financial problems) and hope he agrees to pay the loan back in some form or other. If he doesn't agree then so be it - he will just risk his dad never helping him out again!

getmore4less

growler834 wrote: »

The will states 'I leave my **** Shares to my grandson ****.'
As the will was made 15 years ago & he now lives at the other side of the world & has done for many years, I don't think he will want to keep them (they are a British company). Should he wish to keep them, can a non-British resident transfer into his name shares in a British company? I know very little about stocks & shares & I haven't looked into it yet. If he can, do I, the executor, have to do that for him or will he have to do it from thousands of miles away?

They can and it will be your job.

how are the shares held, certificate or in a nominee account?

Either way you ask for the relevant transfer forms from the registrar or the account administrator.

If they just want the money they can be sold just as easy so might as well just ask and do it for him rather than mess about.

securityguy

growler834 wrote: »

can a non-British resident transfer into his name shares in a British company?

Of course he can: why would you think otherwise?

Okydoky25

All that to get £500 each extra from the estate? I wouldn't bother if it was from someone I didn't like I certainly would not pursue it from my own son. If I really felt the daughter should not be out of pocket I would be giving her the extra out of my own inheritance.