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Hi All,
Perhaps someone could advice on this situation:
There are 4 beneficiaries ( one of them is also an executor) to my late grandad's estate. Executor hired a solicitor to deal with all paperwork, probates and all.
Probate was granted and after accounting, all beneficiaries signed paperwork of accepting the will and their share.
All 3 beneficiaries ( including the executor) received their assets.
As one of beneficiaries lives in Europe, solicitor via the executor asked for bank details for his share to be transferred and was provided with that.
After a week transfer has not been received and beneficiary started inquiring what is going on.
He was told transfer has been returned to sender's account and incurred currency conversion fees and for that reason his share is now regrettably less. He received vague explanations from solicitor about that European bank has rejected it because of internal policy decision. Beneficiary has requested a copy of complete transaction to investigate with this bank but was met with more vague replies.
Solicitor claims it was his bank who is at fault but is not offering any suggestions of what is going to happen to the lost funds. Also, as solicitor's bank advised him it is not encouraged to transfer money in the same method and suggested that beneficiary signs paperwork allowing executor to transfer the funds after which solicitor will transfer the funds to executor and executor onto the beneficiary. Executor is willing to do this.
If beneficiary agrees and signs this paperwork of transfer of authority, does it mean solicitor will be absolved of further responsibility of recovering the lost funds?
Also, executor is not interested much as he already received his share and is willing to let solicitor get away easily.
When asked how will he transfer the funds (in one go or more) and how much is it going to cost, he wither keeps silent or goes onto something else. He also, pressurizes the beneficiary to sign the paperwork and get this done as soon as possible as he is tired and fed up.
Is there anything that beneficiary can do in this case to fight his case?
Perhaps someone could advice on this situation:
There are 4 beneficiaries ( one of them is also an executor) to my late grandad's estate. Executor hired a solicitor to deal with all paperwork, probates and all.
Probate was granted and after accounting, all beneficiaries signed paperwork of accepting the will and their share.
All 3 beneficiaries ( including the executor) received their assets.
As one of beneficiaries lives in Europe, solicitor via the executor asked for bank details for his share to be transferred and was provided with that.
After a week transfer has not been received and beneficiary started inquiring what is going on.
He was told transfer has been returned to sender's account and incurred currency conversion fees and for that reason his share is now regrettably less. He received vague explanations from solicitor about that European bank has rejected it because of internal policy decision. Beneficiary has requested a copy of complete transaction to investigate with this bank but was met with more vague replies.
Solicitor claims it was his bank who is at fault but is not offering any suggestions of what is going to happen to the lost funds. Also, as solicitor's bank advised him it is not encouraged to transfer money in the same method and suggested that beneficiary signs paperwork allowing executor to transfer the funds after which solicitor will transfer the funds to executor and executor onto the beneficiary. Executor is willing to do this.
If beneficiary agrees and signs this paperwork of transfer of authority, does it mean solicitor will be absolved of further responsibility of recovering the lost funds?
Also, executor is not interested much as he already received his share and is willing to let solicitor get away easily.
When asked how will he transfer the funds (in one go or more) and how much is it going to cost, he wither keeps silent or goes onto something else. He also, pressurizes the beneficiary to sign the paperwork and get this done as soon as possible as he is tired and fed up.
Is there anything that beneficiary can do in this case to fight his case?
