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Probate / Will Query
Comments
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Thanks Poseidon, but who should be paying for this legal advice?
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Ordinarily the estate bears the cost but you appear to have intimated that other than the house there is not too much in the way of liquid assets, and under the odd terms of the will any liquid assets supposedly accrues to the benefit of Mr X.
Since you and your wife have nothing to gain ( other than a lot of potential hassle ), in your position I would step away as executors and leave Mr X to work this mess out with the widow.
Incidentally, returning to my original post, what personal financial resources does the widow have to maintain herself and the property if husband has left her nothing?
If her resources are very modest, is it realistic or indeed reasonable to expect her to keep the matrimonial home in good repair over the long term for the partial benefit of Mr X ? I certainly would not like to be in the trustee position of policing such an arrangement for the benefit of someone else, and you and your wife should think very carefully if you really want such a responsibility.
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The estate, although from what you said in the opening post there is not much in the way of liquid assets to pay for it.
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OP mentioned that they have 'all the details of the deceased's bank accounts, shares, pensions etc' - which implies that there is money somewhere in the estate?
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Its a very curious situation.
Widow has been disinherited, but pensions are not part of the estate and so may accrue back to the widow regardless of what the will states.
Remaining estate residue ( cash and shares?) apparently accrues for the benefit of Executor B, whilst 50% of the house to be held on trust (by the executors) for Mr X.
It was the OP who raised the question how can estate residue be paid to Executor B if there is insufficient money and can they waive their rights thereto. There was no mention of deceased debts but perhaps that's an issue.
On the little information supplied, it appeared to me that both executors should renounce their executorship (assuming they have not already intermeddled in the administration of the estate), and Executor B disclaim entitlement to the estate residue if this is likely a very modest amount when the dust settles.
This then leaves Mr X and the widow to work out how they will deal with the remaining trust of the house, where Mr X is a sole beneficiary of the husband's share but at the expense of the widow if she does not sell up sooner rather than later.
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I have had time to dwell on all of this now and it is still bewildering.
Presumably Mr X has the right to use his half of the house to raise capital against or maybe even decide he wants to move in?
The executors have to this point gathered details of what bank accounts there are and have informed the one stop shop of the death but nothing else.
What liabilitles are the executors letting themselve in for by continuing down this track?
Do they ( we) need independent legal avice…………?
I am bewildered that the remaining spouse has been disinherited and possibly severely disadvantaged.
Im still spinning!
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Simple advice, go talk to a solicitor. There are too many potential pitfalls and millstones in this construction.
Stepping down as an executor depends on whether you have started managing the estate.
Before Intermeddling: You can formally decline the role without court approval.
After Intermeddling: Once you begin taking actions (paying debts, accessing funds), you must petition the court to resign.
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No Mr X will have no right to occupy the house or raise capital on it. As remainderman he does not actually inherit until the death of the widow it is in trust up until that point.
Do you think he would be willing to give up this delayed inheritance in favour of the surviving spouse?
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He might be willing to do this I guess but I dont actually know him.
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Do you know if this Mr X have any direct descendants? Just thinking that if he has no children then this bequest could end up going to some long life cousin or even go to the crown if there are no living relatives.
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