Beneficiary refusing inheritance?

konark

'I don't have a bank account please make the cheque out to my friend who has', what should an executor do in this case?

6022tivo

I was just about to ask the same. The executor does not need to abide by money laundering regulation. He just needs the account the beneficiary wants the payment sent to.

Win win.

wwl

konark wrote: »

'I don't have a bank account please make the cheque out to my friend who has', what should an executor do in this case?

Either do exactly that, or if the amount is sensible, offer to give them cash in person.

wwl

Andypandyboy wrote: »

I assume that you are the refusik OP?

Solicitors have very stringent rules on making payments to stop them falling foul of mney laundering, these rules have been tightened in the recent past. I doubt that they will release funds meant for person x into an account which they cannot verify belongs to them. Nor should they.

True, but we're not talking about solicitors here. They have lots of rules because they are solicitors (and have professional indemnity insurers) , not because they are executors.

Yorkshireman99

getmore4less wrote: »

which bit of the money laundering regulations apply to lay executors?

I could look them up but since you know you might as well point me to them.

Banks are, quite reasonably, almost paranoid about breaching them. They are required to report any transaction that appears to be suspicious. That can be because of the size or source of the funds. What I have said, and repeat, is the executor needs to be cautious. From what has been said it seems at least that the beneficiary is acting in a suspicious manner. Therefore a prudent executor would either send a cheque or ask for satisfactory documentary instructions to get a receipt and to pay it to a specific bank account.

getmore4less

What is reasonable for lay executors(pros have a higher standard).

Checking for bankruptcy of a beneficiary is considered a standard check as is HMRC,DWP mortgage, utility debts... for the deceased.

Should this extend to making enquiries to the benefits status of a beneficiary, I think not, ask them(having established they are the correct beneficiary*) where they want the money sending and get a receipt.

*An account in the name of the beneficiary is not enough to establish they are the correct beneficiary.

For many lay executors this is not an issue they are known individuals.

The holder of assets will send them to anywhere an administrator holding a grant tells them where they want them to go.

Yorkshireman99

Lay executor's have the same duty of care as professionals to make sure they pay money to the correct beneficiary. Of course they don't have to make the sort of enquires you suggest. Nevertheless everyone, not just executors, is subject to the money laundering regulations. In the OP's case the bank he pays the money to may be suspicious not only about to the unexplained receipt of say £20,000 but it being paid out. That can result in the OP coming under suspicion and investigation. Also the executor should get a valid receipt for the money. Paying it into a third party's bank account without written documentation is a breach of the duty of care.

jackyann

I really think that the first stop is to talk to the Probate Office. No need to give details and speculation, simply ask if the funds can be paid into the account as the beneficiary has requested.

moneyistooshorttomention

wwl wrote: »

Refusing to pay may open up the executor to liability as it's their job to distribute. As long as the executor gets a receipt from the person named in the will, they have done their job and where the money physically goes is not their problem.
A beneficiary would be perfectly within their rights to ask for it in legal tender (cash).

That is rather what I would assume.

It is not up to the executor (or anyone else) to try and dictate terms re this inheritance in any shape or form.

It is purely and simply between the person who left the inheritance and the one due to receive it.

It is the job of the executor to abide by the wishes of the due beneficiary of the inheritance.

If I were an executor and didn't follow what was laid down by the dead person (and wishes subsequently expressed by the due inheritor) then I would downright be expecting to be sued - and I would richly deserve to be.

6022tivo

The executor is following the wishes of the person passed away, which are to leave 50% of her collected estate to this beneficary.

The beneficiary has expressed in writing which bank account this is to be paid in to.

The executor has followed the instruction to the letter and has absolved his/her responsibility.

The only concern is the £2k back hander the beneficiary has paid to the executor for not saying or investigating too hard.

All sorted, many thanks for you help.