Advice - Will/Probate

Bgoldey

I was named as a beneficiary specifically for the sum of £10000 in a will. The executor of the will was also named as recieving the will makers house.

I have been paid £4300 so far and the property has been sold. The executor of the will states that there wasn't enough money remaining in the accounts to pay me my £10k as debts needed to be settled first, but they settled the debts then sold the house gaining £100k from the house sale.

My question is should all the assets have been sold first and then the amounts split accordingly i.e I receive the full £10k and they keep the remaining proceeds from the house or is it correct that debts etc are settled out of the £10k and then the house is sold?

Many Thanks

Savvy_Sue

It depends on the wording of the will. Do you have the wording of the will?

msb1234

If the wills says they give their house to XXX, then XXX gets the house. They don’t need to actually sell it.

getmore4less

Ask for the inventory and account.

It is a reasonable request as your legacy has been abated.

Bgoldey

Hi All,

Thank you for your responses. To clarify the will states in the following order ;

Money Bequest
I give to ...my name...free of all taxes the sum of ten thousand pounds (£10000)

Gift of Real Estate

I give to ...the executor...free of all taxes my share and interest in the property.....

Pay all debts and testamentary expenses

Satisfy all gifts of specified property

Pay all gifts of monies

Deal with any remainder

*Names and addresses excluded.

Thanks again for any help

Flugelhorn

doesn't sound as though there is enough cash in the estate to pay your bequest 

Alderbank

Was this a diy will?
The order (and the form of words) is very irregular.

In spite of the order given, the executor pays debt and testamentary expenses first, as they appear to have done. They inherited the house regardless of its value (it could have been in negative equity, it doesn't matter).
If there wasn't enough money left to pay you in full then you can't have what isn't there. You got what was left. Was there no life insurance, etc.?
If the executor wishes to give you something out of his inheritance when it is finally sold that would be nice but he doesn't have to.
If the will had been drafted differently then the house might have had to be sold and the proceeds shared, which might have been fairer, but that is not what the will said.

getmore4less

If the house was in negative equity the secured lender gets their money first upto the value, even ahead of funeral which is second on the list.

Any remaining debt becomes a standard unsecured along with the other debts that need to be paid before any legacies are paid.