Executors of a Will

[WeAreBongo]

Hi Answerbankers, bit of gloomy question for any experts on wills/probate out there...Can the executors of a will (the deceased's children for example) cash the deceased's various insurance policies without the knowledge of the deceased's common law spouse (who, according to the will is left with an equal split of the estate)? Obviously it makes sense to employ a solicitor who specialises in these things but surely these things can't happen?? Thanks all.

[dzug2]

Yes they can - the beneficiaries of a will have no right to know or be involved in the details of the administration of the estate - not until afterwards anyway.

[bednobs]

the executors have a legal duty to carry out the terms of the will. The benficiaries only part it recieving the money/goods. If in the duty of executing the will the executors have to liquidise assets, then they don't have to have knowl;edge or permission from the beneficiary.

[buildersmate]

Agree as per the other responses.
It is the job of the executor(s) to realise the value of the estate, so that beneficiaries can be paid out according to the terms of the will. It is not uncommon for the will to contain a clause to the effect that the executors may decide to hold onto assets until they consider is the best time to sell, but presumably the insurance policies you refer to are either term policies (which pay out the lump sum only upon death) or endowment type policies (where the life assurance element kicks in on death of the policyholding and also therefore pay out upon death.
Using a solicitor only makes sense if the affairs are that complex or the relationships between the beneficiaries is so bad. Otherwise it is just money for old rople.

[follyfancier]

insurance policies are always paid to the next of kin of the deceased, a "common law" spouse has no legal claim unless it has been stated to that effect when the will was drawn up ,some policies can also be taken out by a child on a parent,so in that case they must claim themselves and not a surviving spouse.

[WeAreBongo]

Thanks all, from what I am aware, the deceased's common law spouse was left with an equal split of the remainder of the estate (after other specified items have been distributed) - this is actually written into the will - do the policies come under this remainder? Surely it would be against the law to cash them in and keep it without telling the other beneficiary?? Thanks again...

[follyfancier]

the insurance company will not pay out until a probate has been obtained and then the money is paid to the executors of the will ,the cheque will be made out to "the estate of ****(insert deceased's name)" ,it sounds if you are saying there is more than one executor,the funeral is the first claim on any funds paid out of the estate and then the executors should act upon the wishes of the deceased and allocate the money as instructed which includes all insurance policies if they were just life policies in the name of the deceased and not for benefit of child,the name of that child would be on the policy if that was the case as it is actually the child who takes out that sort of policy.

[bednobs]

it depends on the policy and who (if anyone) is the named beneficiary of the policy. For example, i have a death in service benefit that i have to nominate who is going to receive it on my death. That wouldn't go to the general "estate" pot

[WeAreBongo]

Thanks all, it sounds like that once probate has been granted and, if the policy cheques are payable to the estate, then we are reliant on the good will / honesty (delete as appropriate) of the executors (the children) to distribute according to the will. In a nutshell, is that correct? Thanks again peeps!

[follyfancier]

I would say so yes,but if the executors do not do their job the beneficiary can appeal,my expertise is with the insurance side (cert.CII),a layer will probably give you more details for that aspect of the case

[woofgang]

Executors must produce an account of what they have done and if they have misdistributed monies or effects either wilfully or accidentally then they are personally liable for any ensuing costs...admin costs, legal costs and replacement of the money or value of the effects. They should be very careful.

[WeAreBongo]

Thank you...I feel I have a better understanding of the process now.