Will

[thugulike]

I have been a beneficiary in a will which consisted of a house and cash in a bank. The beneficiaries have all been paid out. I am suspicious as the sum I received from the executor is a round sum figure. How can I check that I have been paid the correct amount?

[ubasses]

You can apply for a copy of the will. Round amounts would not be unusual if the Will stated something along the lines of The Estate up to the inheritance tax
threshold should be divided between A B & C and the remainder to chairty or you had been bequeathed a specfic amount in round pounds.

[thugulike]

I have seen a copy of the will. There were named beneficiaries of set amounts and they have been paid. I received a share of the house and the residue of the estate. I find it difficult to believe that the sum was exactly a round £100k.

[dzug2]

If you are a residual beneficiary you are entitled to have a copy of the estate accounts.

[ubasses]

It could be that the Executors rounded their fees up or down to make it 'easier'
to pay out the balance. Only they can give you the answer to that question.

[thugulike]

It is a relative who was the executor. Difficult to ask for a copy of the estate accounts.

[Maydup]

Be happy with your 100k thug and resist your suspicions. Not worth it.

[dzug2]

Then you will just have to accept that all is in order.

There are a few steps you could take to try and get some reassurance:

You can get a copy of probate from the Probate Office - this will give an idea of the total value of the estate though it's likely that the house value included will be an estimate

You can find out how much the house actually sold for from a property prices site - maybe not for a month or slow as they can be slow to update

Then see if these figures reduce your fears - or add to them.

[FredPuli43]

Why is it difficult to ask a relative for the accounts, if it's his duty as the executor to keep accounts and to produce them to you, if asked? At present you suspect the executor of being party to a fraud; you can either keep that belief forever, thinking you have had your property stolen by others, or make a simple request which, in itself, does not suggest any more than that you may need to satisfy HMRC ,for example, that the money came from a given source viz. legitimately obtained or not a gift from some living person. You might not be alone in thinking £100,000 is an odd sum to receive as a residuary beneficiary !

[factor-fiction]

You are entitled to ask to see the accounts. Maybe though it's a payment 'on account' until all the loose ends have been tied up. Or maybe the executor has rounded it up in your favour.

[FredPuli43]

That is possible factor-fiction. HMRC agree a sum of tax to be paid before probate is granted. Rest assured that anyone who thinks that is all they'll claim, merely because the executor is now able to distribute the estate and run matters, may be in for a nasty shock. I have known estates where HMRC kept arguing for more tax for a year, sometimes years; some they got, some they didn't.

It follows that, rather than distribute all the residue, the executor might pay only an instalment of whatever sum he thinks, allowing for all potential claims in the worst possible case, it is safe to pay. That could be a convenient round sum. The rest would then be paid out once it was settled that HMRC had stopped their further demands, those being settled one way or another, and had certified that all tax had been paid and no more would be demanded.

But you should still ask for accounts.

[thugulike]

I have been told that everything has been paid to all beneficiaries. Thanks Fred, Mr thug knows all about round sums, hence my suspicions. I may just have to live with it.

[factor-fiction]

If the final amount is within 5-10% of what you expected to get (based on the info lodged at the probate office) then maybe it's not worth querying it as it may seem as if you don't trust the executor. But if you were expecting more than 10% above this amount then you could ask for the accounts. Maybe the executor has adjusted his own expenses figure up or down slightly just to give round numbers for you

[Peter Pedant]

Having had a relative-executor for my mother's estate,
circulating the accounts was par for the course.

and yes the accounts werent rounded .

You could say your accountant is demanding to see the estate accounts - be ready for surprising answers like - there arent any - because they are asking questions about CGT. Even if he says they arent payable you can counter by saying well that is why he wants to see the accounts.