Joint/Multiple executors = Joint account - can all access funds independantly?

MrCarbohydate · 21 September 2016 at 9:37AM

Just wanted to see if anyone knows the answer to this as I am finding it hard to get a concrete answer from anywhere:

When there is two or more beneficiaries/executors within a will and the estate of the deceased - monies, property, and shares - goes into probate, and is then placed within an account for the b/e, can any of the beneficiaries/executors sell, rent, or spend without the others consent? Or do all of the b/e have to agree before any of the actions can be taken on the inherited things?

Thanks

Keep_pedalling · 21 September 2016 at 1:20PM

Beneficiaries can't do anything, it is down to the executors sell assets and distribute the estate to the beneficiaries. If you have multiple executors then unless any of them have reserved or renounced their powers then they have to act together.

MrCarbohydate · 21 September 2016 at 1:47PM

In this case all the beneficiaries are all also the executors. So everyone involved are executors. Good to know we all need to agree and that someone cannot just take money out and say it is to pay for something to do with the estate etc.

Keep_pedalling · 21 September 2016 at 2:02PM

How many executors are there, it can get messy is too many are involved.

troubleinparadise · 21 September 2016 at 3:15PM

The executor's account isn't a lucky dip pot for all to take out funds at will - any expenditures (withdrawals) would have to be supported by an invoice or bill, and the paperwork kept as proof. It stores the assets from the estate until it is time to distribute those monies according to the Will, once all the debts of the estate have been paid.

Your initial guidance comes from the Will and the instructions therein. If there is no clear wording about selling assets, or direct bequests, then the executors/beneficiaries are going to have to reach a clear agreement between you all. Divide up the jobs, who is going to sort out the utility bills, and so on.

If compromise is too difficult to achieve, then selling an asset and sharing the proceeds according to the will might be the best way to proceed. If it is impossible to agree, then perhaps a solicitor might have to execute the will for you.

MrCarbohydate · 21 September 2016 at 5:00PM

There is no real clashing at the moment. One of the executors has expressed an interest in remaining in a property within the will, so debating the ability for this to happen and also bringing up rent payments to the others is the only real foreseeable problem. It will not go down well - the request for rent.

The main concern was that someone would take money from the joint account and then claim to have lost the receipt/s. The course of action if this were to happen seems easy and obvious but if this person is in a better financial postion and has more time on their hands.. it would not be so easy, technicially to stop it - whether it happens with or without my knowledge. This is why I wanted to know if they could do it without concern for the consequences, and then use their known traits for blagging, intimidating, and guilt-tripping to try get out of it. The actual action of removing monies is what I was wondering about.

MrCarbohydate · 21 September 2016 at 5:01PM

There are three in total.

Yorkshireman99 · 21 September 2016 at 5:18PM

MrCarbohydate wrote: »

There is no real clashing at the moment. One of the executors has expressed an interest in remaining in a property within the will, so debating the ability for this to happen and also bringing up rent payments to the others is the only real foreseeable problem. It will not go down well - the request for rent.

The main concern was that someone would take money from the joint account and then claim to have lost the receipt/s. The course of action if this were to happen seems easy and obvious but if this person is in a better financial postion and has more time on their hands.. it would not be so easy, technicially to stop it - whether it happens with or without my knowledge. This is why I wanted to know if they could do it without concern for the consequences, and then use their known traits for blagging, intimidating, and guilt-tripping to try get out of it. The actual action of removing monies is what I was wondering about.

If one of the beneficiaries occupies the property during the probate period and then buys it they are obtaining an unfair financial advantage over the other beneficiaries if they don't pay the market rent and outgoings. The executors all need to fully understand their rights, and more importantly their duties, as executors to act in the interests of the estate and not themselves.

getmore4less · 21 September 2016 at 6:18PM

You need to distinguish between can and should.

If they have access then they can do just about anything unless someone takes steps to stop them.
you could have the account set up so it needs two sigs for withdrawing money.

an inventory and account will track the assets and cash flow so as long as you can make that balance and make distribution adjustments then things should be OK.

when it comes to property and occupation would the beneficiary wanting to occupy and buy need to stump up cash or will they be getting more from the estate.

It can be easier as long as you can agree value and are happy the estate will balance to effectively let them have the beneficial interest and take over the asset and all it's liabilities, sorting out the legal ownership as part of the full distribution.

Having the estate become a landlord is something that should be considered very carefully, if they have already been renting it then that changes things.

MrCarbohydate · 21 September 2016 at 7:37PM

getmore4less wrote: »

You need to distinguish between can and should.

Yep, I was just looking to see if any of the executors could take the money out without anyone knowing. I guess the account that is going to be set up is going to have to have all signatures for any withdrawls as a must, I just wasn't sure if this was a "default setting" in this circumstances.

Yorkshireman99 · 21 September 2016 at 8:20PM

MrCarbohydate wrote: »

Yep, I was just looking to see if any of the executors could take the money out without anyone knowing. I guess the account that is going to be set up is going to have to have all signatures for any withdrawls as a must, I just wasn't sure if this was a "default setting" in this circumstances.

If, as it seems to be the case, that one of the executors integrity is doubt it is essential. In those circumstances other steps may need to be taken to avoid unauthorized disposal of estate assets. I don't envy you.

Joint/Multiple executors = Joint account - can all access funds independantly?

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