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Wills
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Just a quick one....hopefully!! I am an executor of my Dad's will....he's still with us!! He has split what he has between myself and my two brothers....when he's gone....how does this split happen? Is it up to me to pay my two brothers from his 'estate' and if so how can i prove that everything has been split fairly....or does a solicitor do it?
Answers
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Solicitors cost money!! If you can afford it do it yourself. There is plenty of help. Has he asserts that take him over the IHT? If it is equal shares then you will have to settle all debts and costs out of the estate first. If there is property a valuation for sale or a buy out by one or more siblings (you negotiate any buyout between you). Once you have calculated all...
13:19 Sun 05th Feb 2017
Solicitors cost money!! If you can afford it do it yourself. There is plenty of help.
Has he asserts that take him over the IHT?
If it is equal shares then you will have to settle all debts and costs out of the estate first.
If there is property a valuation for sale or a buy out by one or more siblings (you negotiate any buyout between you).
Once you have calculated all assets and taken off debts etc the rest is split three ways between you.
You should as a matter of course and for probate if needed, have a set of acccounts, backed up with receipts etc
Do you envisage either brother being difficult?
Has he asserts that take him over the IHT?
If it is equal shares then you will have to settle all debts and costs out of the estate first.
If there is property a valuation for sale or a buy out by one or more siblings (you negotiate any buyout between you).
Once you have calculated all assets and taken off debts etc the rest is split three ways between you.
You should as a matter of course and for probate if needed, have a set of acccounts, backed up with receipts etc
Do you envisage either brother being difficult?
do not go to a solicitor, it will cost you a fortune. Its quite easy to execute such a simple will...you just need to keep an account of the cash incoming and outgoing and if there are goods as well, which are not being sold then assign a value to the goods to ensure that each brother gets an equal share. As for actual choosing, if you can be amicable that is good, otherwise people can take it in turned to choose. Once all the debts have been paid, including any expenses you have incurred as executor and may want to be reimbursed for, then the cash is divided among the beneficiaries including yourself.
Thank you all....what is the IHT? I don't think so....as he only has what little cash is in the bank....and his furniture etc...i don't envisage any problems one brother is in Australia but i just really wanted to know whether a solicitor HAS to do it...or whether i can. I am the eldest and do have his LPA at the moment...so i expect that my brothers trust me well enough by now...thanks again.
'IHT' is Inheritance Tax. You won't need to bother about it if your father's estate is worth less than £325,000. (If your mother pre-deceased your father, leaving everything to him, that figure goes up to £650,000). From what you've written, it seems that it won't affect you anyway.
You normally need to seek probate on a will (by applying to the Probate Registry) before you can start to distribute the assets of an estate. (There can be exceptions where the value of an estate is very low though). It's a very simple process, usually involving nothing more than collecting some information together, filling out a form and swearing an oath (or 'affirming' if, like me, you're a non-believer). The people at the Probate Registry are very helpful and you definitely DON'T need a solicitor to do the job.
Once you've received the 'grant of representation' (= 'probate') you're trusted by the Probate Court to distribute the estate in accordance with the will. Nobody has to approve any part of what you do but anyone who wishes to challenge your decisions can apply to the Court to do so. Again, you do NOT need a solicitor!
You normally need to seek probate on a will (by applying to the Probate Registry) before you can start to distribute the assets of an estate. (There can be exceptions where the value of an estate is very low though). It's a very simple process, usually involving nothing more than collecting some information together, filling out a form and swearing an oath (or 'affirming' if, like me, you're a non-believer). The people at the Probate Registry are very helpful and you definitely DON'T need a solicitor to do the job.
Once you've received the 'grant of representation' (= 'probate') you're trusted by the Probate Court to distribute the estate in accordance with the will. Nobody has to approve any part of what you do but anyone who wishes to challenge your decisions can apply to the Court to do so. Again, you do NOT need a solicitor!
BAs to Cassa and BC !
If a solicitor is named as an executor - I think you do ... ( have to use him as you cant then chuck him out as he rolls up hissleeves and plings his charginng clock )
so check will and get dad to re execute if lawyer named
BC will say if I am right or wrong on this - he used to do this for a living
and residual beneficiaries have a right to a terminal/final account do nt they ?
Probate value of objaaayz should not be below market ( doesnt really matter if you are way below £325k) - so that the total value is less than 325k rather than above ( ie then taxable )
but there is no reason why in your internal divisions with brothers you count it as you want so long as you agree
You can and should do it by agreement - I dont suppose the brother in Oz will want a container full of thirties furniture which his wife will throw away anyway and you might by agreement agree something else ( shares )
if you cant agree - tell them/yourself that a judge will rule
'sell the whole lot and divide by three'
so that is the default position and if anything is causing grief ( like the indivisible single house ) then that is what you do
obv speaking from experience
selling and divvying is the way out if someone ( or someone's spouse) is overbidding wildly and saying another's prized asset is worth much much more .... ( also obv speaking from experience)
If a solicitor is named as an executor - I think you do ... ( have to use him as you cant then chuck him out as he rolls up hissleeves and plings his charginng clock )
so check will and get dad to re execute if lawyer named
BC will say if I am right or wrong on this - he used to do this for a living
and residual beneficiaries have a right to a terminal/final account do nt they ?
Probate value of objaaayz should not be below market ( doesnt really matter if you are way below £325k) - so that the total value is less than 325k rather than above ( ie then taxable )
but there is no reason why in your internal divisions with brothers you count it as you want so long as you agree
You can and should do it by agreement - I dont suppose the brother in Oz will want a container full of thirties furniture which his wife will throw away anyway and you might by agreement agree something else ( shares )
if you cant agree - tell them/yourself that a judge will rule
'sell the whole lot and divide by three'
so that is the default position and if anything is causing grief ( like the indivisible single house ) then that is what you do
obv speaking from experience
selling and divvying is the way out if someone ( or someone's spouse) is overbidding wildly and saying another's prized asset is worth much much more .... ( also obv speaking from experience)
hi Jay jay
feeling OK I hope
yes it is OK that the executor is a beneficiary
but a beneficiary should NOT sign as a witness
your will is a bit short and I know BC has given you a minimum pro forma which I would follow to be honest
[ you havent said it was a will and you havent revoked previous wills and there isnt the twiddly bit at the end - signed by each of us and in our presence blah blah blah ] and it doesnt seem to be dated
feeling OK I hope
yes it is OK that the executor is a beneficiary
but a beneficiary should NOT sign as a witness
your will is a bit short and I know BC has given you a minimum pro forma which I would follow to be honest
[ you havent said it was a will and you havent revoked previous wills and there isnt the twiddly bit at the end - signed by each of us and in our presence blah blah blah ] and it doesnt seem to be dated
This is a handy way of drawing up your Will if you are doing it yourself, just something to think on
Do not allow any FAMILY MEMBERS to sign the will as Witnesses! Especially if they are beneficiaries. The law says that they cannot inherit from any will where they are a witness (because they might have coerced the Testator). Rather get people unrelated to you to be the Witnesses.
http://
If you just go to "Will Template" Word doc (recommended) you can save any changes and make changes before you have it signed
Do not allow any FAMILY MEMBERS to sign the will as Witnesses! Especially if they are beneficiaries. The law says that they cannot inherit from any will where they are a witness (because they might have coerced the Testator). Rather get people unrelated to you to be the Witnesses.
http://
If you just go to "Will Template" Word doc (recommended) you can save any changes and make changes before you have it signed
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