Residuary beneficiary

mikewp

Does a Residuary Beneficiary have the right to a copy of the final accounts of the estate from the executors prior to receiving their settlement. Also does the beneficiary have the right to delay payment of their settlement for a few months ( for personal reasons). Currently I am being harassed by an executor to provide bank details so he can distribute the money. He received the funds for distribution on 11th June this year and keeps giving me final deadlines to provide the info which I believe he has no right to do. Your comments will be much appreciated, thank you

Keep_pedalling

Yes you do have a right to see the accounts, but no you have no right to delaying payment, and it makes no difference to any personal circumstances I can think of. For instance you are deemed to have received you inheritance from the date of death as far as benefits are concerned and that would also apply in the case of divorce.  

mikewp

Thank you for your reply, yes I know that I have a right to see the accounts but do I have the right to a copy prior to receiving settlement ? Also please can you advise where you got your information about me having no right to delay payment surely the executor has no authority to insist the payment is made within a given time period only that he does carry out what the will instructs.

theoretica

Is the executor professional - and charging for their time - or not?

Keep_pedalling

mikewp said:

Thank you for your reply, yes I know that I have a right to see the accounts but do I have the right to a copy prior to receiving settlement ? Also please can you advise where you got your information about me having no right to delay payment surely the executor has no authority to insist the payment is made within a given time period only that he does carry out what the will instructs.

There is no right to demand to see the accounts before you get your inheritance (most executors will provide both at the same time). You also cannot demand the executor hangs on to your inheritance, if you don’t give then your bank details they can simply send you a cheque.

I can’t provide you with evidence of a right that does not exist, and an executor would be unwise to agree to aid a beneficiary hide an inheritance for to prevent it being included in a divorce settlement, avoiding loss of benefits, waiting till the beneficiary became discharged from bankruptcy or any other reason.

Robin9

@Mikewp  Be fair to the executor - he has probably had a hard year winding up the estate and getting nothing for it. The least he wants is you delaying things so that he can get on with his life. 

Marcon

Keep_pedalling said:

mikewp said:

Thank you for your reply, yes I know that I have a right to see the accounts but do I have the right to a copy prior to receiving settlement ? Also please can you advise where you got your information about me having no right to delay payment surely the executor has no authority to insist the payment is made within a given time period only that he does carry out what the will instructs.

There is no right to demand to see the accounts before you get your inheritance (most executors will provide both at the same time). You also cannot demand the executor hangs on to your inheritance, if you don’t give then your bank details they can simply send you a cheque.

I can’t provide you with evidence of a right that does not exist, and an executor would be unwise to agree to aid a beneficiary hide an inheritance for to prevent it being included in a divorce settlement, avoiding loss of benefits, waiting till the beneficiary became discharged from bankruptcy or any other reason.

Any executor who makes direct payment to a bankrupt is in serious trouble...ditto any bankrupt who tries to conceal the date on which they became entitled to their inheritance.

74jax

Why do you think being asked for your bank details for money you are due is harassment?

If you don't want to provide these, do you want a deed of variation so it can go elsewhere? That's perfectly normal and if you don't want the money you have the choice - you could give it to the cat and dog shelter if you wanted.

Remember if you give it away, in circumstances it's as though you still have it.

Remember if you are on benefits, it can be as though you still have it.

Remember even when a divorce is settled and can be proven you knew about money coming but didn't declare it, there can be consequences.

If it is a divorce (we are working on limited info) how long were you married, are you even sure it would be taken in to account if a short marriage.

Could you take a cheque?

The executor may get a solicitor involved - which would be paid for from the residual money - your money.

Surfbabe

If I were the executor I would want the money distributed as soon as possible so I could draw a line under the procedure and get on with my life. 

Very unusual for a beneficiary to want to delay getting the money - usually they are chomping at the bit to get it paid earlier. 

There is obviously more to this than we know.  As 74jax its still your money regardless so if you are delaying it because you don't think it should be included in whatever is going on then you've got it wrong.