Quizzes & Puzzles8 mins ago
Wills and executors etc
I am named in my late fathers will as an equal beneficiary ( split three ways) of his estate. I am not an executor nor will I be a trustee of the fund set up for my children and his.
I understand that probate can take up to a year and that the executors should follow the proper proceedurs.
My questions are...
Are they allowed to exclude me from any and all information?
Am I allowed a copy of the will and any codicil?
Can they keep the figure of my fathers estate secret from me?
If they are allowed to keep this information from me how will I know that the money they give me is a true 1/3?
I don't realy have a problem with not being an executor as such (lots of work etc) but rather the reasons for it and for fairness sake feel it should have been me and my brother not his wife but that is another story lol.
At the end of the day I just want to make sure they do this fairly and not try to push the taxes, fees and any outgoings onto me.
They have already said I will have to get a loan out to pay for any iht that is due.
I understand that probate can take up to a year and that the executors should follow the proper proceedurs.
My questions are...
Are they allowed to exclude me from any and all information?
Am I allowed a copy of the will and any codicil?
Can they keep the figure of my fathers estate secret from me?
If they are allowed to keep this information from me how will I know that the money they give me is a true 1/3?
I don't realy have a problem with not being an executor as such (lots of work etc) but rather the reasons for it and for fairness sake feel it should have been me and my brother not his wife but that is another story lol.
At the end of the day I just want to make sure they do this fairly and not try to push the taxes, fees and any outgoings onto me.
They have already said I will have to get a loan out to pay for any iht that is due.
Answers
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Initially, only Executors of a Will have access to the Will and its contents, but they do not have authority to close accounts or sell assets such as property & shares until the Courts have provided the Grant of Representation, if Probate is required. The executors have to swear that they have declared all assets and liabilities of the Estate.
But when the Grant has been issued the Will becomes a public document and anyone can apply to the Court to see a copy. You can at this stage apply for copies of Probate and the will.
http://www.hmcourts-service.gov.uk/cms/1226.ht m
Final Accounts
Once executors have probate or letters of administration they can collect and distribute the deceased's assets. They are legally obliged to follow the terms of the will. The personal representative must now produce final accounts - including expenses - for the residuary beneficiaries (those getting whatever is left once specific bequests have been made).
But when the Grant has been issued the Will becomes a public document and anyone can apply to the Court to see a copy. You can at this stage apply for copies of Probate and the will.
http://www.hmcourts-service.gov.uk/cms/1226.ht m
Final Accounts
Once executors have probate or letters of administration they can collect and distribute the deceased's assets. They are legally obliged to follow the terms of the will. The personal representative must now produce final accounts - including expenses - for the residuary beneficiaries (those getting whatever is left once specific bequests have been made).
It may become necessary to get a loan for IHT but if so you, as a one third beneficiary, should only have to supply one third of the loan amount. Also, it might be possible to realise some of the assets to avoid the need for a loan. The executors should look into this thoroughly before considering a loan, and it is reasonable for them to have to explain to you what they have done and how they have arrived at the amount of the loan they want you to raise.
If a loan is required, the executors should obtain this - normally from the deceased's bankers. If there is real property, this can be paid by installments and thus no loan should be required (on that part of the IHT). Furthermore, asset holders can often be prevailed upon to release funds direct to the CTO without the need of applying for a loan.
Technically, you are not entitled to any information. However, once probate has been granted you can obtain a copy Will and office copy probate from the District Probate Registry as factor says.
Your entitlement to information is not good. However, you ARE entitled to see a copy of the estate accounts (the s25 Administration of Estates Act procedure confirms this). Ultimately though, if they want you to get a loan for IHT, then they should disclose the Will (Probate will not have been granted if the IHT has not been paid) and the assets and liabilities. I would also suggest you take legal advice as to whether it is actually necessary for you to take a loan since as I said above, it is really for the executors to do.
Technically, you are not entitled to any information. However, once probate has been granted you can obtain a copy Will and office copy probate from the District Probate Registry as factor says.
Your entitlement to information is not good. However, you ARE entitled to see a copy of the estate accounts (the s25 Administration of Estates Act procedure confirms this). Ultimately though, if they want you to get a loan for IHT, then they should disclose the Will (Probate will not have been granted if the IHT has not been paid) and the assets and liabilities. I would also suggest you take legal advice as to whether it is actually necessary for you to take a loan since as I said above, it is really for the executors to do.
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