Executor of estate might be stealing money?

Margot123

Yorkshireman99 wrote: »

That is simply wrong! How can the executor apply for probate without investigating the assets and liabilities? If there is a property then the executor needs to make sure it is insured and deal with all sorts of other tyhings. Effectively the grant of probate enables the executor to gather the assets in and eventually distribute the estate.

As I say, maybe he was being over-cautious. You do have a valid point as most people would keep such information on a computer these days.

eddyinfreehold

...but not all of the older generation Margot123, my father kept all his accounts as a handwritten tally on envelopes or pieces of recycled A4 which he updated every month or so and stuffed in a cardboard box with all his other documents.

A ghastly thought did occur to me just now. If someone had access to (for example) a fund account with all the passwords etc. then it would be possible to transfer ownership, if not cash it in, and never declare the death to that Fund company. That would however require forging the owner's signature or stealing their identity. If HMRC subsequently decided to investigate someone's personal or business activity having been notified on their Tax Fraud Hotline, it would take seconds to reveal unusual financial activity after the death. Any executor doing this would almost certainly be entertaining a spell of porridge.

Yorkshireman99

Margot123 wrote: »

As I say, maybe he was being over-cautious. You do have a valid point as most people would keep such information on a computer these days.

He was not being over cautious he was totally wrong! That is assuming that you were the executor.

troubleinparadise

Eddyinfreehold: It will take several weeks, if not months for all the statements of investments to be obtained. When the executors are satisfied they have chased everything down, accounted for all outstanding debts etc., then the tax forms are submitted including any payment for IHT necessary. Around this point the executors will HAVE to involve an independent solicitor whereby they must all sign an oath as to their identity and capability against their names on the original copy of the will. Without this, probate cannot be granted.

The executors don’t have to do this; they can, as I did, attend a Probate Office to swear the Oath, which confirms that you are the executor/s named in the Will, give the value of the gross and net estate and swear that you will ensure that the estate will be distributed in accordance to the law and the terms of the will. All the executors must attend and swear the oath. This can be done at the office of an independent solicitor instead, returning the signed papers to the Probate Office.

And as YM99 has said, you will have certainly had to gather in information and been very much involved in administering the estate before Probate is granted, otherwise you cannot give the estate asset information needed. You can’t do that by doing nothing - Probate can’t be granted based on nothing.

eddyinfreehold

"The executors don’t have to do this; they can, as I did, attend a Probate Office to swear the Oath, which confirms that you are the executor/s named in the Will, give the value of the gross and net estate and swear that you will ensure that the estate will be distributed in accordance to the law and the terms of the will. All the executors must attend and swear the oath. This can be done at the office of an independent solicitor instead, returning the signed papers to the Probate Office."

Fair point TiP. The priciple however is the same, by making the oath an entirely independent qualified legal professional is taking an overview. We did it with a solicitor (2 in fact, our own and an independent one too) and you did it with the Probate Office, part of the High Court.

"And as YM99 has said, you will have certainly had to gather in information and been very much involved in administering the estate before Probate is granted, otherwise you cannot give the estate asset information needed. You can’t do that by doing nothing - Probate can’t be granted based on nothing."

Couldn't agree with you more, as I found out when hunting down my father's estate holdings. I don't know what point you're trying to make here.