Professional executor's bill - division of responsibility between legatees

nom_de_plume

I suspect the statement that the bill gets split 4 ways came from someone who was unaware that there are insufficient funds to provide a residual pot. On the brief detail of the will posted above (and if therwe were sufficient assets in the estate), the GF would get the property and then the residual would be used to pay bills with any remainder being shared 4 ways.


As things stand it seems to me that the GF will be responsible for the bill AND the shortfall of the cost of the funeral and the other 3 benificiaries will get nothing (and no bill). If the GF cannot cover the deficit then the house will need to be sold.



Having Nat West stand down sounds the best way forward.

Dox

nom_de_plume wrote: »

Having Nat West stand down sounds the best way forward.

Happily that's one for the GF to argue if she wants to - OP's offspring don't need to do anything.

unholyangel

nom_de_plume wrote: »

I suspect the statement that the bill gets split 4 ways came from someone who was unaware that there are insufficient funds to provide a residual pot. On the brief detail of the will posted above (and if therwe were sufficient assets in the estate), the GF would get the property and then the residual would be used to pay bills with any remainder being shared 4 ways.


As things stand it seems to me that the GF will be responsible for the bill AND the shortfall of the cost of the funeral and the other 3 benificiaries will get nothing (and no bill). If the GF cannot cover the deficit then the house will need to be sold.



Having Nat West stand down sounds the best way forward.

Not my area of expertise (and i'm in scotland anyway where the law differs) but if the house needs to be sold to pay liabilities of the estate (and therefore the house doesn't belong to the estate) wouldn't the bequest fail and the funds fall into the residual estate to be split between residual beneficiaries?

Owain_Moneysaver

unholyangel wrote: »

... if the house needs to be sold to pay liabilities of the estate (and therefore the house doesn't belong to the estate) wouldn't the bequest fail and the funds fall into the residual estate to be split between residual beneficiaries?

That's possible. It may depend on the exact wording of the Will. Often in such cases the beneficiary would pay into the estate sufficient money to clear the liabilities, so they get the house.

Dox

Ademption might apply but not enough info to tell. Didn't want to raise OP's hopes so stuck to answering her concern about whether offspring could have to pay anything out of their own pockets, which I suspect if the line other people answering have taken.

It would be really interesting if OP updated the thread when the smoke has cleared, albeit that is likely to be some months away.

getmore4less

unholyangel wrote: »

Not my area of expertise (and i'm in scotland anyway where the law differs) but if the house needs to be sold to pay liabilities of the estate (and therefore the house doesn't belong to the estate) wouldn't the bequest fail and the funds fall into the residual estate to be split between residual beneficiaries?

Don't think the abatement rules don't work like that.

unholyangel

getmore4less wrote: »

Don't think the abatement rules don't work like that.

True but I was thinking it might explain what the bank have said about all paying an equal share. If the residuary is to be shared equally then abatement would have the effect of them paying an equal share.

Unless the bank were speaking generally, that the expenses would be covered by gifts of the same type with residuary being first dipped and the daughter has understood that to mean that she will have to pay because she's a residuary beneficiary.

Strad

I will update "when the smoke clears" but at the moment it is thickening. People have suggested that girlfriend should ask bank to withdraw as executor. Two problems there ; firstly too late in process and family have no influence over gf. Secondly, having a professional executor in addition to gf as executor (named with Bank in will) is assurance that everything will be above board and done correctly.
The smoke thickened when daughter spoke to solicitors and was told a wine investment had turned up. (Unlikely to be enough to leave any residue after charges paid).

nom_de_plume

unholyangel wrote: »

Not my area of expertise (and i'm in scotland anyway where the law differs) but if the house needs to be sold to pay liabilities of the estate (and therefore the house doesn't belong to the estate) wouldn't the bequest fail and the funds fall into the residual estate to be split between residual beneficiaries?

getmore4less wrote: »

Don't think the abatement rules don't work like that.

I'm pretty sure it doesn't work like that too. Likely situation is that there is no residual so residiary beneficiaries are straight out of the equation leavng just the benificiary of the house who would get it's reduced value.