Query regarding executor borrowing from will/estate

[nicolat21]

New member, thank you for making this forum available.

Earlier this year, one of my best friends passed away. He was only 55 but had the foresight to write a will in which he had asked me in advance to be an executor as he had no family.

The will is not particularly long as he did not own property. After distributing gifts to his friends, including myself, there is just under £8k left in his estate. The will states that anything left over should be given to charity.

There is a paragraph in the will which specifically states;

"(My executors) may borrow money on such terms at they consider fit and for any purpose that this may be used"

This seems almost too simple, but am I right in saying that I may legally take a loan of this remaining estate (to help with a property purchase), and then repay it later? From a moral standpoint I know my friend would've been fine with this.

Thanks

Nicky

[des8]

How many executors are there, as you need to work in agreement?

Has the residuary been left to a named charity?

[nicolat21]

Thanks Des8,

There is one other executor but he is elderly and has said he's happy for me to proceed as I see fit. The will said to give anything left over to a hospice that is near to us.

Nicky

[des8]

Was this a home made will?

For starters that wording could be construed to mean that the executors have authority to borrow money on behalf of the estate. That would be a perfectly normal clause within a will.

It would, in my opinion anyway, be a mistake in principle to lend yourself money from the estate, even if the construction you put on that clause is correct
As executor you have duties to the beneficiaries.
In this case you are considering borrowing from the residuary beneficiaries share.
If you do not pay them their share within 12 months from the date of death, they are entitled to interest on their legacy.
Just wondering what happens if you don't have the money to pay that legacy
You (and your coexecutor) could be on the wrong end of court action questioning your actions.