Interim payment from Will

Yankee1971

I have written previously about this when my late fiances Will was potentially being contested by his sister in law (Dependents Act - she believed he had not adequately provided for his children). Probate was granted in June 17 and following 6 months wait, the contesting all came to nothing.

I have downloaded a copy of the Will along with the Probate. My legacy, including 2 additional smaller legacies, has been given as a gift free of all tax.

At the end of his Will there is a Schedule whereby he has given authority for:

His executors to sell, call in and convert his property or such part of it as shall not consist of money with full power at their discretion to postpone such sale calling in and conversion without being responsible for loss.

His executors shall pay or provide for out of such property and the proceeds of sale the funeral etc, inheritance tax etc and any legacies and annuities given by this Will.

Subject as above his executors shall hold such property and proceeds of sale (with power at their discretion to invest all moneys in investments authorised by this Will and to vary such investments) and the assets from time to time representing the same (together referred to as 'my residuary estate') and the income of my residuary estate upon the trusts (and with and subject to the powers and provisions) declared in this Will.

The probate shows he was asset rich however it transpires he did not have the liquid money he believed he would where it was hoped the cash gifts would be paid. The family home which forms his main asset is being lived in by his 2 dependent children and their guardian (their aunty who is sister to the one who wanted to contest the Will). The residuary estate has been given to the executors upon trust for his children until they attain the age of 25 years, they are currently aged 14 and 17.

I have been asked by his solicitor whether I would accept a part payment whilst some overseas land is sold which forms part of his estate. I am unhappy about this as it could take years if at all to sell and I do not think the problem should be passed on to the beneficiaries.

I would just like to know where I legally stand here, so my queries are:

1) Based on the Schedule mentioned above, has my fiance given the executors the authority to sell his property? It would not I hasten to add be my wish for the family home to be sold.
2) If I do not accept a part payment, I assume the executors will need to come to another solution however I am worried they may drag their heels and I could end up shooting myself in the foot. Do they have to find another solution within a certain time frame (they have already had their executors year, my fiance passed in Nov 16)?
3) One of the solutions I thought about was that if I did accept a part payment (along with the other beneficiaries agreement I presume) could I not propose that the remainder be provided from an equity release on the family home? They could then still proceed with the land sale overseas and pay the equity release back.
4) If a part payment is the only option, am I right in assuming all beneficiaries would receive theirs on a prorata basis.

Thank you all for your help and advice.

Yorkshireman99

Yankee1971 wrote: »

I have written previously about this when my late fiances Will was potentially being contested by his sister in law (Dependents Act - she believed he had not adequately provided for his children). Probate was granted in June 17 and following 6 months wait, the contesting all came to nothing.

I have downloaded a copy of the Will along with the Probate. My legacy, including 2 additional smaller legacies, has been given as a gift free of all tax.

At the end of his Will there is a Schedule whereby he has given authority for:

His executors to sell, call in and convert his property or such part of it as shall not consist of money with full power at their discretion to postpone such sale calling in and conversion without being responsible for loss.

His executors shall pay or provide for out of such property and the proceeds of sale the funeral etc, inheritance tax etc and any legacies and annuities given by this Will.

Subject as above his executors shall hold such property and proceeds of sale (with power at their discretion to invest all moneys in investments authorised by this Will and to vary such investments) and the assets from time to time representing the same (together referred to as 'my residuary estate') and the income of my residuary estate upon the trusts (and with and subject to the powers and provisions) declared in this Will.

The probate shows he was asset rich however it transpires he did not have the liquid money he believed he would where it was hoped the cash gifts would be paid. The family home which forms his main asset is being lived in by his 2 dependent children and their guardian (their aunty who is sister to the one who wanted to contest the Will). The residuary estate has been given to the executors upon trust for his children until they attain the age of 25 years, they are currently aged 14 and 17.

I have been asked by his solicitor whether I would accept a part payment whilst some overseas land is sold which forms part of his estate. I am unhappy about this as it could take years if at all to sell and I do not think the problem should be passed on to the beneficiaries.

I would just like to know where I legally stand here, so my queries are:

1) Based on the Schedule mentioned above, has my fiance given the executors the authority to sell his property? It would not I hasten to add be my wish for the family home to be sold.
2) If I do not accept a part payment, I assume the executors will need to come to another solution however I am worried they may drag their heels and I could end up shooting myself in the foot. Do they have to find another solution within a certain time frame (they have already had their executors year, my fiance passed in Nov 16)?
3) One of the solutions I thought about was that if I did accept a part payment (along with the other beneficiaries agreement I presume) could I not propose that the remainder be provided from an equity release on the family home? They could then still proceed with the land sale overseas and pay the equity release back.
4) If a part payment is the only option, am I right in assuming all beneficiaries would receive theirs on a prorata basis.

Thank you all for your help and advice.

Sounds like a nightmare. I suspect the solicitor is trying it on. One thing to note Having said that the executor is obliged to distrubute the estate as per the will and not juggle things to suit the beneficiaries..They should liquidate the estate ASAP. Despite the will the minors are entit;led to their full inhertance at the age of 18.

Yankee1971

Thank you Yorkshireman for your response.

I would add the solicitor is acting on the executors!!!8217; instructions.

The executors told me that the house is in trust, is owned by the children and cannot be sold until they are 25.

I think ultimately this is sadly going to have to go down the legal road.