Benefits or drawbacks to two people having probate

dzug1

Diamond_Orchid wrote: »

I got one with my aunts, which was a similar situation but our uncle sorted it. Same law firm.

Do you have to sign letters of administration in front of a solicitor?

You don't have to sign Letters of Administration at all


Or do you mean the application form for them?

Mojisola

Diamond_Orchid wrote: »

I got one with my aunts, which was a similar situation but our uncle sorted it. Same law firm.

There's nothing to stop an executor/administrator keeping the beneficiaries fully informed every step of the way but they don't have to.

When I was dealing with Dad's estate, I was in regular contact with my siblings and let them know what progress was being made, what delays were happening and the general amount of the estate but they had no right to that information. I could have had no contact with them at all until I sent them their cheques and the estate accounts.

Diamond_Orchid

dzug1 wrote: »

You don't have to sign Letters of Administration at all


Or do you mean the application form for them?

That must be what he means, yeah

G6JNS

Mojisola wrote: »

There's nothing to stop an executor/administrator keeping the beneficiaries fully informed every step of the way but they don't have to.

When I was dealing with Dad's estate, I was in regular contact with my siblings and let them know what progress was being made, what delays were happening and the general amount of the estate but they had no right to that information. I could have had no contact with them at all until I sent them their cheques and the estate accounts.

I would agree. Any good executor or administrator should keep the beneficiaries up to date. It can be difficult to strike the right balance as many beneficiaries just don't understand how much bureaucracy and hard work is involved. It can be a very thankless task.

Tuesday_Tenor

Diamond_Orchid wrote: »

How will I know I will get exactly how much I should?

(1) The ESTIMATE of the estate's value goes onto the grant of administration. It's a well-researched estimate, with the executir having got all the details from bank accounts,etc. However, it's impossible to predict exactly at what value a property wil be sold.

If for some reason the Executor won't tell you what that estimated value is, you can get a copy of the grant, with the will, for yourself. It's a public document. Cost £10 from the Probate Office. Remind him you can get a copy, and he'll probably tell you ...(?)

(2) As (presumably) a major beneficiary, you are enetitled to receive a full set of accounts whn you receive your inheritance. These accounts should detail assets and debts at death, costs of administering the estate, any IHT paid, and how the FINAL VALUE of the estate has been distriburted.

There's nothing you can insist on being updated with between (1) and (2). You need to let the Executor get on with the job, several aspects of which will be out of his control as he waits for responses from various organisations.

You should, however, question anything you don't understand in the final accounts.. If you suspect anything is seriously amiss (unlikely with the solicitor invovled?) then don't accept your inheritance until you are satisfied it's correct.

You haven't said WHY you don't trust the Executor other than that he's slower than you would like. He's not being unreasonably tardy, though, depending on what there is to sort out and what else he has going on in his life.

Diamond_Orchid

Tuesday_Tenor wrote: »

(1) The ESTIMATE of the estate's value goes onto the grant of administration. It's a well-researched estimate, with the executir having got all the details from bank accounts,etc. However, it's impossible to predict exactly at what value a property wil be sold.

If for some reason the Executor won't tell you what that estimated value is, you can get a copy of the grant, with the will, for yourself. It's a public document. Cost £10 from the Probate Office. Remind him you can get a copy, and he'll probably tell you ...(?)

(2) As (presumably) a major beneficiary, you are enetitled to receive a full set of accounts whn you receive your inheritance. These accounts should detail assets and debts at death, costs of administering the estate, any IHT paid, and how the FINAL VALUE of the estate has been distriburted.

There's nothing you can insist on being updated with between (1) and (2). You need to let the Executor get on with the job, several aspects of which will be out of his control as he waits for responses from various organisations.

You should, however, question anything you don't understand in the final accounts.. If you suspect anything is seriously amiss (unlikely with the solicitor invovled?) then don't accept your inheritance until you are satisfied it's correct.

You haven't said WHY you don't trust the Executor other than that he's slower than you would like. He's not being unreasonably tardy, though, depending on what there is to sort out and what else he has going on in his life.

Thank you for your reply.

I was more concerned about not receiving the full account info as 2) on your list. I am due to inherit the larger portion of 50%.

He's been acting a bit cagey, but I guess no real reason not to trust him. I don't really know him, so hard to judge on written replies.

I have decided to let him go ahead with administering the estate. Although his financial position is a lot more favourable than mine, we all appreciate more money, so I'm sure he will get things done as quickly as possible once he gets the grant.