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Executor and residuary beneficiaries agreement

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  • Executor and residuary beneficiaries agreement

    Hello Forum

    A firm of solicitors is named as the only executors in the deceased will.
    The will only names 3 Residuary beneficiaries who take 1/3 each/equal share.

    The confusing part to me,
    The solicitor's firm said they would have to speak to the "other executors" when an offer was made on the estate property.

    I believe the solicitor/executors would like to get all the residuary beneficiaries' approval to say sell a property for £xxx.
    The solicitors are treating the residuary beneficiaries as co-executors (pseudo-executors).

    As I understand the solicitors firm are the only executors and they are trying to be open, polite and engage with the residuary beneficiaries as best they can.
    Legally the solicitors firm are the only executors and could just ignore the residuary beneficiaries.

    In practice how many residuary beneficiaries would have to disagree with the sale price to stop/make the solicitors try to get all beneficiaries' agreement to sell a property for £xxx?
    Maybe this is not a question with an exact answer depending on the solicitor.
    Could one beneficiary lock the estate administration process up or would it require more than one beneficiary disagreement to cause this problem?

    In a different scenario, the solicitors wanted to get all the beneficiaries' agreement on who should do the conveyancing for the property.
    What would happen if there was disagreement between the beneficiaries on who should do the conveyancing?

    I get the feeling that the solicitors have a duty to distribute the estate in a reasonable time if an agreement cannot be reached between the beneficiaries. The solicitors would just override the disagreeing beneficiaries and choose the conveyancer, sell the property etc.

    Thank you in advance
    Tags: None

  • #2
    Do the solicitors want their own property dept to do the conveyancing?
    All opinions expressed are based on my personal experience. I am not a lawyer and do not hold any legal qualifications.

    Comment


    • #3
      Do the solicitors want their own property dept to do the conveyancing?

      Sorry for the delay in replying
      We have not got to this stage of the game yet other the law firm has said they can provide other services e.g. conveyancing.


      I will explain I was LPA and I had the property on the market subsequently my aunt passed away.
      I received an offer on my aunts property, I had to pass to the law firm as they are the executors.
      The law firm said to the potential buyer that they needed get probate first... but would have to consult "the other executors" I believe the law firm meant they want the residuary beneficiaries whom i am one of to all agree if we want sell at £xxx. as i was cc into the email reply to person who made the offer.
      I do not like the executor fee set up as if i ask any questions they charge for their time.
      And every "5 minutes" they keep reminding you their time is money so think before contact them...
      As there supposed to be "preserving the estate"

      The executors law firm are sandwiched between the beneficiaries and HMRC and follow the law to the letter so they are not liable.


      So back to your question
      The executors/law firm say its their job to "preserve the estate" not waste estate money came is how i would word it.

      I was think about this today before i read your reply we got conflict of interests.
      "Preserve the estate" would not be true if there are cheaper conveyancing than what the executor law firm can offer.

      That is partly why i said got that stage and game.
      In the future the executors/law firm are hoping we agree e.g. to their conveyancing even if e.g. its double the cost as if we agree then their job of "preserve the estate" no longer has to be adhered to eg "preserving the estate" or covering themselves


      Comment

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