Charges on a bequest

Dilly

I am about to make payments to the beneficiaries under my aunts will. The will states a specific sum to be given to a number of persons. There is enough money in the Estate to make the payments in full
The bank have advised there will be charges to make the payments. Should the estate pay the charges or should I send the full amount and let the charges come out of the money sent? What usually happens?
Thanks for your help

PasturesNew

The charges are the expenses of the estate.

Yorkshireman99

Dilly wrote: »

I am about to make payments to the beneficiaries under my aunts will. The will states a specific sum to be given to a number of persons. There is enough money in the Estate to make the payments in full
The bank have advised there will be charges to make the payments. Should the estate pay the charges or should I send the full amount and let the charges come out of the money sent? What usually happens?
Thanks for your help

What is the proposed charge for? Are the beneficiaries overseas?

Keep_pedalling

How are you planning to transfer the bequests? Unless you are sending payments overseas there should be a free way of doing it.

Margot123

Charges? Are we talking bank transfers?

My solicitor advised against bank transfers as you can never be sure the payments are being sent to the correct person.
I've always sent cheques; they are as good as a receipt once cashed as well.

Tom99

Send cheques then your only cost is a stamp.

Dilly

Hi
The monies are to be sent abroad. I was thinking that it is more efficient to send by bank transfer / swift. Cheques can be lost in the post and I cannot draw a USD cheque, so there would be an added complication of currency exchange

Dilly

Hi Margot123 Good idea if in UK but having been on the receiving end, my bank won't accept cheques drawn in USD and I had to return the cheque and have an electronic payment

McKneff

Margot123 wrote: »

Charges? Are we talking bank transfers?

My solicitor advised against bank transfers as you can never be sure the payments are being sent to the correct person.
I've always sent cheques; they are as good as a receipt once cashed as well.

Just send £1 to each recipient. Check to see if they have received it and Bob's your uncle

Margot123

McKneff wrote: »

Just send £1 to each recipient. Check to see if they have received it and Bob's your uncle

No, you miss my point.

This is about diversion of funds due to someone being in receipt of benefits, or subject to bankruptcy etc.
They could have the money sent to someone else's account, and you would never know.

Owain_Moneysaver

Margot123 wrote: »

No, you miss my point.

This is about diversion of funds due to someone being in receipt of benefits, or subject to bankruptcy etc.
They could have the money sent to someone else's account, and you would never know.

Which is why you obtain proof of identity of the beneficiary and the ownership of the account, together with a signed letter of instruction from the beneficiary confirming the account details and that transmission of funds from the executor's account constitutes full settlement of all claims against the estate, before sending the money.