Joint executor Run away with estate funds, what can I do?

Will_hj

xylophone said:

Been in contact with the deceased bank. 

Then at least you have proof that the money was transferred out of the deceased's account into the name of the absconding executor.

You have now engaged a solicitor - it may well be that you will need to go to court.

Ultimately the costs of this should be borne by the  absconder?

Sadly not, it will be my burden. I had to really ring around to find a solicitor to take my case on and that had the experience to deal with it. I have to pay for all costs. I very much doubt she has the money to pay ultimately if she was so deceitful to steal the money in the first place.

Unless there are any solicitors out there who want to take on my case for free  

xylophone

Sadly not, it will be my burden.

But if the court  finds in your favour, what she has taken and costs must be borne from her share of the house sale?  

Will_hj

xylophone said:

Sadly not, it will be my burden.

But if the court  finds in your favour, what she has taken and costs must be borne from her share of the house sale?  

I have so much evidence of misconduct, mismanagement however its very difficult to get a executor moved (And pricey) It is a financial risk for me. It seems unfair there is no ombudsmen for such matters.

You can literally steal an estates money and if the joint executors does not have access to funds for a solicitor then they get away with it!! My solicitor wants payment upfront.....

xylophone

 My solicitor wants payment upfront.....

Then you will keep records of costs and claim from estate funds when you have them.

rach29

For the bank to pass over funds to a sole beneficiary they would have asked the person to sign an indemnity agreeing that they alone were entitled to the funds. Personally I would make a formal
complaint to the Bank, with a copy of the will and ask them to explain themselves. It may not prove the bank is culpable, but it is cast iron evidence of the other persons wrongdoing/theft.

Good luck with sorting it all out.

Will_hj

rach29 said:

For the bank to pass over funds to a sole beneficiary they would have asked the person to sign an indemnity agreeing that they alone were entitled to the funds. Personally I would make a formal
complaint to the Bank, with a copy of the will and ask them to explain themselves. It may not prove the bank is culpable, but it is cast iron evidence of the other persons wrongdoing/theft.

Good luck with sorting it all out.

Hi there, bank said as it was under 60k they allowed the amounts to be released to the one executor not needing my signature.

I have now got a solicitor, and going deeper in the rabbit hole. But even if I'm paying for help I feel not so alone. There really should be some law against this or that you have to respond to executors requests within 14 days . At the moment you can steal money and just hope the other side hasn't got the determination or the funds to get it back.....

frayedknot

It was my experience that banks require ALL co-executors to sign before any money was handed over. My co-executor and I had to walk round town like Pinky and Perky to countersign to release my auntie's funds.

Malthusian

Will_hj said:

rach29 said:

For the bank to pass over funds to a sole beneficiary they would have asked the person to sign an indemnity agreeing that they alone were entitled to the funds. Personally I would make a formal
complaint to the Bank, with a copy of the will and ask them to explain themselves. It may not prove the bank is culpable, but it is cast iron evidence of the other persons wrongdoing/theft.

Good luck with sorting it all out.

Hi there, bank said as it was under 60k they allowed the amounts to be released to the one executor not needing my signature.

I have now got a solicitor, and going deeper in the rabbit hole. But even if I'm paying for help I feel not so alone.

The bank has paid the money to the wrong person. This is no different from when your debit card is cloned; the bank has not settled its debt to the estate and remains liable. They should pony up the missing funds to the estate's bank account and pursue the miscreant for the bank's loss. That is the whole point of banks getting people to sign indemnities when they release "small" amounts of money without requiring probate.

Make a formal complaint to the bank on the estate's behalf without further delay. If they fail to provide a satisfactory response within 8 weeks you can go to the Financial Ombudsman.

There really should be some law against this or that you have to respond to executors requests within 14 days .

There is a law against it, which you and your solicitors are enforcing. Estates take time to wind up and the law isn't interested in forcing executors to be quick.

xylophone

The bank has paid the money to the wrong person.

The bank has paid the money to one of the executors.
See this thread and particularly Seven of Nine post  15 Feb. ( As an aside, why can't this wretched new format number posts?)
https://forums.moneysavingexpert.com/discussion/6103401/bank-closed-deceased-fathers-account-and-should-not-of/p2

Malthusian

To their personal account, which they've run off with. The estate never saw the money therefore the bank's debt remains unsettled. I see no reason the OP should not proceed as if some random person fraudulently claiming to be an executor had withdrawn the money, in which case the bank would unambiguously be liable. Making a complaint and going to the FOS is free.

If it fails, which would be a shame but would not surprise me, then the OP has lost nothing and their solicitor will just have to carry on pursuing the rogue executor.