Distrust of Co-Executor plus Capital Gains Tax query

bingaling

Thank you RAS - it is sister and co-exec demanding PL cash payments as they are made payable to their children...! They continue to completely disregard what is going on at the mo....

RAS

bingaling wrote: »

Thank you RAS - it is sister and co-exec demanding PL cash payments as they are made payable to their children...! They continue to completely disregard what is going on at the mo....

I would take the view that no-one gets anything until probate is granted.

littlehobbit

I don't understand their request, I thought everything was left 50/50 to you and your sister? Not sure what her children have to do with the inheritance, were they mentioned in the will? Is it another 'rule bend' which they think will avoid paying tax or something?

bingaling

Thank you littlehobbit - Dad left sisters children Pecuniary Legacies, a cash amount each to the two children...

bingaling

Update: Have just learnt that sister has obtained nearly £60,000 into joint exec account without probate and a further £27000 is due in account tomorrow...! How can she or co-exec have possibly achieved this?

RAS

She will have taken the death certificate to each of the banks and signed a disclaimer. The value each bank considers a small account seems to vary from a couple of thousand to £25K.

What you may need to know is if she had any written authorisation to act on her husband's behalf?

Ask each of the banks for a copy of the authorisation and a copy of the disclaimer.

Can i ask how she is able to do anything with the joint executors account; surely the only acceptable signatories are the co-exec and your husband? He needs to go and see the bank urgently.

Gingernutty

Quite possibly by using the Power of Attorney powers and not indicating to the banks that held the accounts, that the client was deceased.

When I was Deputy for my Uncle (like POA but applied for after he became incapable), I also became his Executor.

There was no property and I already had all his money under my control.

I applied for letters of administration (no will, no probate) and I carried on using the current account that I had opened to run his finances while he was alive as the Executor account.

In my case, there was no attempt to hide anything from the rest of the family, no other bank accounts, no insurance policies and, due to my pathologically honest nature, no fraud.

In your SIL's case, it sounds as if she thought she could cut out the executors and hide any potential fraud.

bingaling

Thanks RAS - sister is acting under her hubbys name. She just gets him to "sign" or whatever is needed. She continues to completely disregard all that is going on at present. I think she thinks that once she has closed all cash assets, that statements can not be obtained. We are currently working through the statements received so far and awaiting more from the banks.

bingaling

Thanks Gingernutty - we do think there may be fraud... It is taking us time to prove it.

RAS

I think hubby needs to go and talk to the bank where the executor's account is held and explain his concerns. There may be nothing but if you explain that you are concerned she is trying to avoid tax, they should jump to it fast enough.