Appointed Executor

zedsdead2

Hi, I was appointed an executor of my late grandmother's partner's estate. He put in the will 9 differing beneficiaries, each getting different %'s and also a fee for me to act (as he knew it was quite a time consuming task)

Once I know the total of the estate and repaid any bills etc who gets what in what order.

Example: there is a property, does this have to be sold and the proceeds distributed together with the other cash savings at the same time or can I release cash as and when I get this into the executors account and the proceeds of the property at a later date.

What if it takes years to sell? costs to keep etc

Plus when do I take my fee - is this right at the end when everything is would up?

I just want to do things in the right order

Thanks

Plus any good books worth reading re what to do?

g6jns_2

zedsdead2 wrote: »

Hi, I was appointed an executor of my late grandmother's partner's estate. He put in the will 9 differing beneficiaries, each getting different %'s and also a fee for me to act (as he knew it was quite a time consuming task)

Once I know the total of the estate and repaid any bills etc who gets what in what order.

Example: there is a property, does this have to be sold and the proceeds distributed together with the other cash savings at the same time or can I release cash as and when I get this into the executors account and the proceeds of the property at a later date.

What if it takes years to sell? costs to keep etc

Plus when do I take my fee - is this right at the end when everything is would up?

I just want to do things in the right order

Thanks

Plus any good books worth reading re what to do?

Start with the stickies on this forum. which publish useful,publications as well. The normal procedure is to value all the assets and debts and apply for probate. Once probate has been granted the estate assets can be sold. Make sure you publish the statutory notices. After all the bills hav been paid you can divide up the money and distribute it.

Mojisola

zedsdead2 wrote: »

Once I know the total of the estate and repaid any bills etc who gets what in what order.

You won't know the total value of the estate until the house has been sold so be careful about handing over any money in interim payments to the beneficiaries.

The funeral has first call on the money and then any debts (including the costs of keeping the house insured and all the bills associated with selling it).

When you are sure that all the debts have been paid, your inheritance should be paid and the remainder divided up between the nine beneficiaries.

getmore4less

There is an order for benificiary distributions which will depend on the wording of the will.

your "fee" how is that described in the will? it a legacy then it will be part of benificiary distributions not under testemony expences which get presidence.

zedsdead2

Thanks all for your reply's

The exact wording is: I give (free of inheritance) £xxx to K if he proves my will administers my estate.

zedsdead2

Sorry..............."AND administers my estate"

Mojisola

We've done the same for our emergency executors (the ones who will deal with our estates if the whole family gets wiped out!) - they will get their gift on top of being able to claim all their expenses as is normal for executors.