family loan

john_bo

hi im a executor and 1 of 10 beneficiarys to my dads will.In 1995 i loaned my dad 19000 k by verbal agreement from my account to his to buy his property.I no longer have documents from bank to prove this as they cant go back that far they said.All other heirs knew about it how do i go about claiming back from the estate .

NordicNoir

You could draw up a "Deed of Variation" where each of the other nine beneficiaries sign the document to agree to give up £2,111 of their share and give it to you.

This quote from the HMRC website gives a bit more information:

"The variation must be in writing and signed by all the beneficiaries who would lose out because of it.

Usually a solicitor will draw up a formal deed, but this is not essential. If the variation affects the interests of children (or even of children not yet born) you should speak to a solicitor, as you may need the approval of a Court. A parent's signature on behalf of a child is not sufficient."

g6jns_2

john_bo wrote: »

hi im a executor and 1 of 10 beneficiarys to my dads will.In 1995 i loaned my dad 19000 k by verbal agreement from my account to his to buy his property.I no longer have documents from bank to prove this as they cant go back that far they said.All other heirs knew about it how do i go about claiming back from the estate .

You need to be very cautious. Unless the other beneficiaries agree you may not be able to claim. As executor you have to act in the best interests of the estate not yourself. If the others all agree and are willing to execute deeds of variation then it can be done. As there is an obvious conflict of interest it would be wise to get a solcitor to do all the paperwork.

john_bo

do i get 1 deed of variation drawn up or 1 for each beneficiary to sign thanks for any info you can give me

g6jns_2

john_bo wrote: »

do i get 1 deed of variation drawn up or 1 for each beneficiary to sign thanks for any info you can give me

The solicitor is likely to want to see each of the beneficiaries separately and each will need to sign a deed. I would expect you to pay all the costs not the estate or the others.

joerugby

All nine beneficiaries would need to agree to this.

If you think they will then go ahead. If not then don't waste the solicitor's fees