Issue with the Will (not good!)

Lilio8

Grumpy_chap said:

Lilio8 said:

Thank you for your reply.

>What was initially in the Will that left you requiring a Solicitor in the first place?

The fact that a) it is the first time that I'm an Executor and it all happened quite quickly (my dearest friend didn't think quite believe what was happening   ) ; b) there are other two beneficiaries, two siblings, one of whom took the Will and a letter that was written to me, and for me, and started making his own plans about the content, the chattels, that had been given to me in the first place; c) we didn't make it to get married, it was too late, I needed to figure out what to do.

'Do you now have the Will and the letters?'  

Not the original copy since I had to give it to the legal services I hired. I have the digital copy.

Yes, I  have all the letters, spreadsheets detailing the estate and other things, that were left on my friend dearest's computer. 

' Have you secured all property of the Estate so that the other Beneficiary (whom I assume is not a joint Executor) cannot distribute contrary to the Will.'

Yes. I found solicitors to assist me,  changed the locks, added insurance cover (there wasn't any) and told one of the siblings to back off, leave everything as it is. The other sibling seems to be ok (so far--fingers crossed!). If this is what you mean by 'securing all the property' the estate.

'Are you the sole Executor?'

Yes.

Point 1. Appointments of executors and trustees reads that I'm appointed as sole executrix and trustee (unless something happens to me or I'm unable to be the executor, in which case a named solicitor firm or any other acting at the time will take over).

Lilio8 said:

3. 1/2 of the share ISA. The Will doesn't mention what to do with the other 1/2. I've no idea why.

4. Beneficiary 1 has been left a £sum + shares; beneficiary 2 only cash; beneficiary 3 (me) cash+1/2 ISA+chattels.

I know for sure that the other 1/2 of the ISA was intended for IHT. 

"The other half value of the ISA is not identified to a specific Beneficiary and therefore becomes part of the Residual Estate."

I see. That's a relief.

"The Residual Estate is the part that is used to fund funeral, debts, IHT before the specified items are impacted.  In that sense, the half-ISA that was intended for IHT will be used for IHT."

This is a huge relief!

 
"There are items that are specified for the three Beneficiaries and everything else is Residual Estate.  Does the Will have a clause that deals with the Residual Estate.  It may be in very general terms."

Yes, it does and reads as follows (redacted form, not to mention names):

'Definition of my Residuary Estate'

'My Trustees must hold my estate on trust and they may sell all or any of my assets as they consider appropriate and from my estate they must pay

(I) my funeral and testamentary expenses

(ii) all tax payable from my estate

(iii) my debts and

(iv) all the legacies in my Will and any codicil to it

When these payments have been made my Trustees must hold whatever remains together with any added income (“My Residuary Estate”) on the trusts in the following clauses.'

'Gift of my Residuary Estate.'

'I give my Residuary Estate to such of my friend the said ‘3’ my (sibling) the said ‘1’ and my (sibling) the said ‘2’ as are living at my death and if more than one in equal shares absolutely.'

"It still remains unclear as to why the Solicitor you spoke with thought that some parts of the Estate (the 1/2 ISA?) was subject to Intestacy rules rather than falling into the Residual Estate."

I don't know. I'll have to ask her what her investigation has concluded. It certainly caused a great deal of worry, at the time when I could do with less!

"I note you have said upthread you do not wish to share the actual wording of the Will (redacted to omit personal details).  It may be difficult for members of the forum to give much more advice in the absence of that.""

I didn't know that I could do that even in redacted form, not until Grant of Probate when, as I understand, it'll be in the public records.

"Is the Will actually complicated and protracted? Perhaps you can clarify how long the Will is?"

As far as I can tell, the Will is not complicated, save for that bit about the ISA. It's 4 pages long in total (my dear friend was usually logical, precise in his line of thought, simple, a very bright chap, not a minimalist as such though, but precise in many things to the point of pedantry. The Will pretty much reflects his character; although I think that it was rushed a bit, since it was done when the doctors said that he only had a few months to live ).

Thank you!

Grumpy_chap

Lilio8 said:

'Definition of my Residuary Estate'

'My Trustees must hold my estate on trust and they may sell all or any of my assets as they consider appropriate and from my estate they must pay

(I) my funeral and testamentary expenses

(ii) all tax payable from my estate

(iii) my debts and

(iv) all the legacies in my Will and any codicil to it

When these payments have been made my Trustees must hold whatever remains together with any added income (“My Residuary Estate”) on the trusts in the following clauses.'

'Gift of my Residuary Estate.'

'I give my Residuary Estate to such of my friend the said ‘3’ my (sibling) the said ‘1’ and my (sibling) the said ‘2’ as are living at my death and if more than one in equal shares absolutely.'

Thanks @Lilio8
I know this is all hard to do, but the parts you have shared just now do seem to confirm that the Will is quite ordinary.
It requires the Executor (you) to pay for the funeral, debts, taxes (IHT is calculated after the debts have been deducted from value).
Then to pay the specific legacies to the three Beneficiaries (1 = £x + shares, 2 = £y, 3 = £z + 1/2 ISA + chattels)
Then to split whatever is left (including the other 1/2 ISA) equally between the the three Beneficiaries.

With it written as you have noted, I cannot see how anything would fall outside the Residuary Estate and hence fall under intestacy rules.

I write with a little hesitancy as IANAL plus I have not seen the full Will.  The Solicitor that you did speak with suggested somehow there is some element of the Estate that is intestate.  It seems as though the Solicitor either saw something else in the detail that led to that conclusion, or has made a mistake.  You do need the Solicitor to confirm.

Good luck in getting this resolved.

Lilio8

Grumpy_chap said:

Lilio8 said:

'Definition of my Residuary Estate'

'My Trustees must hold my estate on trust and they may sell all or any of my assets as they consider appropriate and from my estate they must pay

(I) my funeral and testamentary expenses

(ii) all tax payable from my estate

(iii) my debts and

(iv) all the legacies in my Will and any codicil to it

When these payments have been made my Trustees must hold whatever remains together with any added income (“My Residuary Estate”) on the trusts in the following clauses.'

'Gift of my Residuary Estate.'

'I give my Residuary Estate to such of my friend the said ‘3’ my (sibling) the said ‘1’ and my (sibling) the said ‘2’ as are living at my death and if more than one in equal shares absolutely.'

Thanks @Lilio8
I know this is all hard to do, but the parts you have shared just now do seem to confirm that the Will is quite ordinary.
It requires the Executor (you) to pay for the funeral, debts, taxes (IHT is calculated after the debts have been deducted from value).
Then to pay the specific legacies to the three Beneficiaries (1 = £x + shares, 2 = £y, 3 = £z + 1/2 ISA + chattels)
Then to split whatever is left (including the other 1/2 ISA) equally between the the three Beneficiaries.

With it written as you have noted, I cannot see how anything would fall outside the Residuary Estate and hence fall under intestacy rules.

I write with a little hesitancy as IANAL plus I have not seen the full Will.  The Solicitor that you did speak with suggested somehow there is some element of the Estate that is intestate.  It seems as though the Solicitor either saw something else in the detail that led to that conclusion, or has made a mistake.  You do need the Solicitor to confirm.

Good luck in getting this resolved.

Thank you!