Wills

[bluebird34]

I am a minor beneficiary in a will which was uncomplicated and had a named executor. The latter decided he did not have time to carry out his duties and put the whole thing in the hands of solicitors. It is now 15 months later and the estate has still not been distributed. All of the beneficiaries are pushing 80 and one of them has a serious illness, one of the main beneficiaries rang a month ago and was told everything was finalised and they just had to get the executor to sign it all off. I rang again yesterday and was told the same thing and I am losing patience but realise there is little I can do. I fear one or more of us will not be here to see the money, what I want to know is can I ask for an itemised break down of the finances involved when and if everything is distributed it may help me so understand what the delay was all about !!!

[woofgang]

yes, the executor must keep a record of all monies that come in and go out of the estate and where they came from or went to, and should show this to the beneficiaries on request.

[dzug2]

15 months? Solicitor? Doesn't sound too excessive particularly with a pedantic solicitor.

As to the estate financial statements - whether you are entitled to them depends on what you were left. If it was an item or a specific sum of money - then no, you are not. The executor can choose to show them to you but doesn't have to.

If it was a percentage of the estate, or a residual amount, then yes you are

[buildersmate]

The method of breakdown is generally time-based, and used to involve having a whole lot of little stopwatches in a line at the front of desk that track the use of hours on different client projects. Maybe things have somehow become more automated by now, but that's the basic of the charging.
A typical high street solicitor charges his time at £200 per hour. That of course covers office overheads, but don't ring him/her too often.

Executor must have been on one hellever rate not to be able to find the time at these comparative rates. Such a pity as it is a relatively simple process with lots of help available on line.

[ummmm]

My accountant still uses the stop clock method.

[Barmaid]

It depends how "hard ball" you want to play. You could write to the solicitor. Or you could just short circuit things and write to the executor direct saying that you are being fobbed off by the solicitor (the latter wont result in any charges being levied at least).

You can point out that if you are a pecuniary legatee (ie left a fixed amount of money) you are entitled to statutory interest from 12 months after death onwards.

[bluebird34]

Well if I have understood this correctly i am entitled to see the break down of finances as I have been left one ninth of the estate. Thank you all for your comments it has been interesting reading, I was disappointed that the executor passed on his responsibilities because I know he was trusted to carry then out and the deceased would have been disappointed in him. Thanks again

[Peter Pedant]

hi Barmaid
nice to see you contributing

is it only residuary legatees who have a right to final accounts
or is it anyone who benefits under the will ?

[Barmaid]

Only residuary beneficiaries have the right to see the accounts so yes, Bluebird, you can see the estate accounts.

Pecuniary beneficiaries would only have the right if their legacies abated.

I can understand your disappointment, but an executor is permitted to put the estate in the hands of solicitors. Some executors do find it overwhelming. Unfortunately, it will be mean additional cost for the estate.

[Peter Pedant]

yeah I was gonna say
if you name s/o as an exec in a will, find out if they 'will' do it

as solicitors have a compulsion totally understandable to start a charging clock as soon as they see a dumb cluck totter thro their door

[bluebird34]

ha ha peter have to agree with you, one of the main beneficiaries rang about three months ago to see what was happening and was asked after about 5 minutes if she realised she was being charged for the phone call. It is the extra charges for the estate by employing solicitors that is annoying me especially as the man named is in the legal profession himself - "jobs for the boys" !!!