Maybe problems of an executor

poppystar

Keep_pedalling said:

jittersandbang said:

Keep_pedalling said:

jittersandbang said:

Keep_pedalling said:

If an adult child is the main beneficiary then they would normally be the best choice of executor, is there any reason they would be incapable of handling it?

The debts would have to be pretty substancial if they would wipe out the value of a house. If it turns out that the estate is insolvent your husband can simply renounce his executor’s powers and have nothing to do with winding up the estate.

I'm assuming the relative didn't think the 'kids' weren't up to the job.

The debts won't wipe out the value of the house but will most likely wipe out the insurance money being left to 'child' 2.

It is likely that the insurance will not form part of his estate, in which case the house will need to be sold to pay the debt.

Normally it is a bad idea to leave a specific property to someone as by the time you die you may no longer own it. Was this will drawn up by a solicitor?

The Will was drawn up by one of these cut price/do away with a solicitor sort of job. They came to the house and writ it up and posted it out. The Will itself looked straightforward. 

If he is capable he should have that reviewed by a solicitor and anew one drawn up. 

With new executors! This is likely to take up the best part of a year of your husband’s free time - more if there ends up being disputes. Not to say the toll via stress. All when he is not a beneficiary. No way…walk away.

jittersandbang

poppystar said:

Keep_pedalling said:

jittersandbang said:

Keep_pedalling said:

jittersandbang said:

Keep_pedalling said:

If an adult child is the main beneficiary then they would normally be the best choice of executor, is there any reason they would be incapable of handling it?

The debts would have to be pretty substancial if they would wipe out the value of a house. If it turns out that the estate is insolvent your husband can simply renounce his executor’s powers and have nothing to do with winding up the estate.

I'm assuming the relative didn't think the 'kids' weren't up to the job.

The debts won't wipe out the value of the house but will most likely wipe out the insurance money being left to 'child' 2.

It is likely that the insurance will not form part of his estate, in which case the house will need to be sold to pay the debt.

Normally it is a bad idea to leave a specific property to someone as by the time you die you may no longer own it. Was this will drawn up by a solicitor?

The Will was drawn up by one of these cut price/do away with a solicitor sort of job. They came to the house and writ it up and posted it out. The Will itself looked straightforward. 

If he is capable he should have that reviewed by a solicitor and anew one drawn up. 

With new executors! This is likely to take up the best part of a year of your husband’s free time - more if there ends up being disputes. Not to say the toll via stress. All when he is not a beneficiary. No way…walk away.

Now I know he can walk away, he will walk away. I just got the job of finding out how. 

RAS

Plan A) persuade the relative that his existing will needs rewriting and advise he doesn't want to be executor.

Plan if the relative doesn't do it, when he dies renounce executorship and allow children to administer. If there are a lot of debts, it's likely the creditors will chase for payment.

jittersandbang

RAS said:

Plan A) persuade the relative that his existing will needs rewriting and advise he doesn't want to be executor.

Plan if the relative doesn't do it, when he dies renounce executorship and allow children to administer. If there are a lot of debts, it's likely the creditors will chase for payment.

That is exactly what he'll do. 

Mands

I would, respectfully, suggest that if he no longer wants to act as executor he should be telling the person now. Then they can draw up a new will, with alternate executors of their choice, and be comfortable that their affairs are in order.