Renouncing executors and deed of variation.

jonnyb1978

There are two executors to a will. Both want to renounce. 
The main beneficiary also wants to forfeit any inheritance ( not much)

There are other benificiaries that are gifted personal possessions in the will and one of these wants to take over administration of the estate. How do i go about this. 

1. Send forms to renounce executor for both executors to future new administrator. 
2. Send deed of variation to future new administrator.
3. Also send the original will.
4. They will then send all this to probate office along with the form to grant letter of administration.

Is this correct?
For the deed of variation what would be put in executor section and both are renouncing or would this form be sent at a later stage. 

Thanks. 

Keep_pedalling

First off is probate actually required? You say the residual beneficiary does not get much and small estates can often be wound up without the need to apply for probate. what is the total value of the estate and what sort of assets does it comprise of? 

jonnyb1978

Totally value is around 5k. Which is one life insurance. The rest of estate is just personal possessions of no significant value.

It probably doesn't need probate. 

The renouncing is because I havnt really got the time. 
The deed of variation is to appease other family members so they don't think the benificiary is getting more than they think ( getting nothing sounds better than getting whole estate in their eyes). 
Although full accounts will prove there is nothing so maybe this isn't needed.

Keep_pedalling

jonnyb1978 said:

Totally value is around 5k. Which is one life insurance. The rest of estate is just personal possessions of no significant value.

It probably doesn't need probate. 

The renouncing is because I havnt really got the time. 
The deed of variation is to appease other family members so they don't think the benificiary is getting more than they think ( getting nothing sounds better than getting whole estate in their eyes). 
Although full accounts will prove there is nothing so maybe this isn't needed.

You don’t need probate, and you can tell the other family members to get lost. It is pointless renouncing for such a small simple estate that does not need probate. Is the £5k what’s left after funeral expensive or is that it? If the latter then there is going to be little left after funeral costs have been paid so apart from personal effects there is going to be little to distribute.

jonnyb1978

Thanks. It's altogether. I knew this all along but didn't want any hassle or any disputes so so trying to take an easy way out. 
Guess I'll crack on with it. 

Alderbank

Life insurance does not form part of the estate unless there is no named beneficiary. The insurance co pays it directly to the named beneficiary on proof of death, regardless of any will, probate, executors, etc.