Guidance on distributing estate proceeds

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shoeladyTTH wrote: »

We have obtained a house valuation, but aforesaid beneficiary is seeking to increase the asking price by approx £2000 than the valuation

Mojisola wrote: »

Is that beneficiary also an executor?

If not, why are they involved with the decision making?

shoeladyTTH wrote: »

Unfortunately yes...!

Best to refer to them as an executor when they are acting in that capacity, they become 2 different legal entities.

Thinking about it £2k is a trivial amount the real problm will come when there are offers on the table.

Work out the ongoing running costs, these will be needed in any dicussions over acceptance of low offers for quick sale....

be prepared with the If you think it is worth that much then buy it for the current offer price and take the risk yourself, we(as benificiaries) want out shares now.

shoeladyTTH

Wasn't sure on the banking side, as Barclay's sent the information automatically for her two other accounts but not the current account - I wondered if it had anything to do with any rule about requesting monies out to pay for the funeral etc....

Thank you,

Saltwater_2

madbadrob wrote: »

Again not correct. If the will states the house must be sold then that is what should happen. If they wanted to vary that they would have to spend the money to get a deed of variation which is not cheap and not guaranteed either to succeed

Rob

Thanks for your comment Rob, but it isn't strictly accurate. I think you are confusing the old fashioned Trust for Sale with the Trust for Land which replaced it. If all the beneficiaries are in agreement then the house does not need to be sold.

There is a moral obligation to follow someone's wishes in their Will, but if all the beneficiaries agree they do not need to carry out the sale. The don't need to make a Deed of Variation to do this. The Executors continue to hold it on as Trustees under a Trust for Land which is already implied in by statute.

Owlman45

Hi, I am acting as an executor for my late mother and I did not get a detailed statement for her current account until after probate had been granted. The bank (Lloyds) did supply a letter with the amount of assets held at the date of death which you will need to help with the valuation of the estate for probate, you can esimate if you cannot get hold of exact figures. The bank had a good bereavement unit that were helpful in supplying information I requested.
As an executor you can ask for help and guidance from a solictor if you have difficult issues to sort out but you will have to pay of course.
Good luck,
Brian.

madbadrob

Saltwater wrote: »

Thanks for your comment Rob, but it isn't strictly accurate. I think you are confusing the old fashioned Trust for Sale with the Trust for Land which replaced it. If all the beneficiaries are in agreement then the house does not need to be sold.

There is a moral obligation to follow someone's wishes in their Will, but if all the beneficiaries agree they do not need to carry out the sale. The don't need to make a Deed of Variation to do this. The Executors continue to hold it on as Trustees under a Trust for Land which is already implied in by statute.

If the executor is not one of these beneficiaries and does not want to have this hanging over them they can ignore the wishes of the beneficiaries and sell the property. I agree with you totally regarding the trust. I was assuming that the property would not be sold and the beneficiaries take the percentages as laid down by the will. The executor would always be best advised for their own security to obtain a deed of variation to cover themselves from future possible legal action.

Rob