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Before I start this is nothing to do with us but some good friends spilled their heart out yesterday.
Their nephew who was about 22 when his grandfather died - he left his whole estate between the 4 grand children and they were to be paid out upon reaching 25. Two of the executors children reached 25 and wanted their share. This was paid apparently £50k each.
They know for sure their was a family home which would have raised a substatial amount of money + there would have been money in the bank and or there may have been other stuff like stocks and shares etc ......
They know that the executor has used this money to buy firstly a flat and put this in his name and not as executor/trustee as he should have done. When the exectors two kids asked for their share he sold the flat and gave them £50k each. He then purchased another flat and again has put it in to another property in his sole name. Now that their nephew has turned 25 and is now 27 has been asking his uncle for his share of the money. The uncle (the only executor) has rented out the flat and all the income is going directly into his own persoal bank account. It appears that uncle cannot sell the flat because of tennants as well he has taken a mortgage on this and being a bad market place or that he is happy to still receive the income from this.
In mine and my husbands mind this is fraud together with money laundering as it is not his money to invest in his name and gamble with the money left in trust. Any property he purchased with the proceeds should have been purchased and marked for the trustees/benificaries of the estate and any income should have gone into the executors account in trust for the benificiaries untill all the beneficiarys reached 25.
He has no rights to this money and has abused his trust in the position of being a trustee of this estate.
My husband and I have said that their nephew should write to his uncle asking for a complete breakdown of the monies that he realised at the time of death of the grandfather and any income from the rentals should have gone into trust for the kids. We have suggested the following write to the uncle giving him 28 days to give him his share of the money and if he does not receive it he will then report this matter to the police to take action on this or to seek solicitors advice and perhaps a letter from a solicitor will hold better than coming from him. We have also advised to apply for the probabte office for the documentation that he sent and we believe that this will then show what the what assets were at time of death when the grandfather died. The other remaining benaficiary is also the daughter of the uncle who is the executor and whilst she is over 25 she does not want her money at this time.
The lad so far has been reluctant to upset his uncle as he wants to avoid confrontation but we cannot see anyway round other than thsn going by either route as I think there is probably more than £200k even after say any debts if their were.
We believe that the exector has not acted appropiately as an executor and we have told our friends that they must help their nephew in obtaining the correct amount of money and certainly in the near future as we belive if he dies before that property is sold then ALL the money will go into his etate and his kids all 3 of them will inheiret the lot and their is certainly no safe guard for this youg man who is getting married in october and this would be a decent deposit for a home for him and his new wife.
Please let me have your views and if you agree with our thoughts or is there another way forward.
Ta Tuttsi x
Their nephew who was about 22 when his grandfather died - he left his whole estate between the 4 grand children and they were to be paid out upon reaching 25. Two of the executors children reached 25 and wanted their share. This was paid apparently £50k each.
They know for sure their was a family home which would have raised a substatial amount of money + there would have been money in the bank and or there may have been other stuff like stocks and shares etc ......
They know that the executor has used this money to buy firstly a flat and put this in his name and not as executor/trustee as he should have done. When the exectors two kids asked for their share he sold the flat and gave them £50k each. He then purchased another flat and again has put it in to another property in his sole name. Now that their nephew has turned 25 and is now 27 has been asking his uncle for his share of the money. The uncle (the only executor) has rented out the flat and all the income is going directly into his own persoal bank account. It appears that uncle cannot sell the flat because of tennants as well he has taken a mortgage on this and being a bad market place or that he is happy to still receive the income from this.
In mine and my husbands mind this is fraud together with money laundering as it is not his money to invest in his name and gamble with the money left in trust. Any property he purchased with the proceeds should have been purchased and marked for the trustees/benificaries of the estate and any income should have gone into the executors account in trust for the benificiaries untill all the beneficiarys reached 25.
He has no rights to this money and has abused his trust in the position of being a trustee of this estate.
My husband and I have said that their nephew should write to his uncle asking for a complete breakdown of the monies that he realised at the time of death of the grandfather and any income from the rentals should have gone into trust for the kids. We have suggested the following write to the uncle giving him 28 days to give him his share of the money and if he does not receive it he will then report this matter to the police to take action on this or to seek solicitors advice and perhaps a letter from a solicitor will hold better than coming from him. We have also advised to apply for the probabte office for the documentation that he sent and we believe that this will then show what the what assets were at time of death when the grandfather died. The other remaining benaficiary is also the daughter of the uncle who is the executor and whilst she is over 25 she does not want her money at this time.
The lad so far has been reluctant to upset his uncle as he wants to avoid confrontation but we cannot see anyway round other than thsn going by either route as I think there is probably more than £200k even after say any debts if their were.
We believe that the exector has not acted appropiately as an executor and we have told our friends that they must help their nephew in obtaining the correct amount of money and certainly in the near future as we belive if he dies before that property is sold then ALL the money will go into his etate and his kids all 3 of them will inheiret the lot and their is certainly no safe guard for this youg man who is getting married in october and this would be a decent deposit for a home for him and his new wife.
Please let me have your views and if you agree with our thoughts or is there another way forward.
Ta Tuttsi x
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