Pecuniary legacies

[mts1000]

I have been notified in writing from the executors of a family member that I am to receive a pecuniary legacy of £x from the estate of the deceased.

Whilst am very grateful to the generosity of my deceased family member I do not trust the executors given previous form in financial matters. I have now received and cashed the legacy which arrived within 12 months of my family member passing. Whilst I have not seen the will I have been advised where I can access a copy if need be. Upon receipt of the legacy they did provide a slip to be signed as full and final settlement. They have since written to advise that as the cheque has been cashed that the terms in which it was provided have been agreed to. Is this correct? As far as I am concerned they gave me a cheque in my name which I cashed. No written acceptance has been made.

Am I permitted to view a copy of the estate accounts even if receiving a pecuniary legacy? Is there anything I can do to check that everything has been carried out in accordance with the wishes of the deceased?

Any advice will be gratefully received.

[enaid]

Re: Pecuniary legacies

Hi, I think I am right in saying once a will has been probated it becomes a public document, you should be able to get of it then.

[mts1000]

Re: Pecuniary legacies

Thanks for the reply. My concern is whether I am entitled to receive a copy of the estate accounts so that I can check things have been done according to the wishes of the deceased.

My confusion is that some sites say any beneficiary whereas others say residuary only.

[enaid]

Re: Pecuniary legacies

Executors must provide on request to residuary beneficiaries a set of estate accounts at the end of the administration.
Therefore I would presume you would not be able to get a copy unless you did so from the above.

[Caspar]

Re: Pecuniary legacies

This advice is intended for a church receiving a pecuniary legacy, but as the Church is a ruthless business, I'd be surprised if it were wrong, and I doubt they would be governed by different legislation. If you have not already returned the signed slip, I would follow the advice contained below:

When the Church receives less than expected on a pecuniary legacy
It is possible that the testator may have spent most of their wealth before death (eg on
nursing home fees), and the estate may not be large enough to pay all the beneficiaries.
The estate is then abated, and any pecuniary legacies reduced in proportion to the
available estate. In such circumstances ask the executors for a schedule of assets &
liabilities and estate accounts, and do not approve them until you have checked them
carefully against the will and codicils etc.
When the executors pay the legacy, they may ask the PCC to indemnify them against
future claims on the estate (unknown liabilities come to light, or someone contests the will).
Resist such pressure by crossing out such requests in any receipts the executors provide
you with. If they refuse to pay unless indemnified, add a restriction that limits the PCC’s
liability to the value of the legacy paid, and to its fair share within the entire estate.

[righty]

Re: Pecuniary legacies

At the moment this is the subject of much debate within the legal community Is the legatee an 'interested' party in which case they would be able to demand a copy of the accounts, However the argument goes that if they are receiving a set sum they are NOT an interested party.

A pecuniary legacy is for a set amount which is identifiable in the Will therefore that is all that is required sight of, the Will. The accounts are not needed

[Caspar]

Re: Pecuniary legacies

At the moment this is the subject of much debate within the legal community Is the legatee an 'interested' party in which case they would be able to demand a copy of the accounts, However the argument goes that if they are receiving a set sum they are NOT an interested party.

A pecuniary legacy is for a set amount which is identifiable in the Will therefore that is all that is required sight of, the Will. The accounts are not needed

So playing devil's advocate, what happens if the OP refuses to sign the slip because they think things have not been done correctly?

[mts1000]

Re: Pecuniary legacies

I suppose if the worse case scenario does play out the beneficiaries could request the executors be removed or substituted if we have any substantiated evident to prove unsuitable. We have some but whether it is sufficient for a court to rule, only time will tell.

Just wondering how much road there is under the 'interested party' statement for having sight of the accounts?

[Caspar]

Re: Pecuniary legacies

However the argument goes that if they are receiving a set sum they are NOT an interested party.

Hi Righty,
I don't doubt you for one moment, but where did you find this information? After a fair amount of hunting I can find no definitive answer to this.

[leclerc]

Re: Pecuniary legacies

I suppose if the worse case scenario does play out the beneficiaries could request the executors be removed or substituted if we have any substantiated evident to prove unsuitable. We have some but whether it is sufficient for a court to rule, only time will tell.

Just wondering how much road there is under the 'interested party' statement for having sight of the accounts?

As Righty has said, a pecuniary legacy is a fixed amount, ie a bequeath of £5000.00 which would be worded in the will itself. Sight of the Will is what you require if you are suspicious that the amount that they have sent is incorrect because a statement of accounts is not where the bequeth is made or where the sum is. Should the will state you get a percentage of the estate which I don't think a pecuniary legacy is, then a statement of account would be better to have. Hope that helps but righty kinda told you what you need.

[Caspar]

Re: Pecuniary legacies

That is true unless the estate has been abated, in which case pecuniary legacies are reduced in proprtion to the availble estate. In this case it is fair enough to ask for a schedule of assets and liabilities and to see the estate accounts.

[leclerc]

Re: Pecuniary legacies

That is true unless the estate has been abated, in which case pecuniary legacies are reduced in proprtion to the availble estate. In this case it is fair enough to ask for a schedule of assets and liabilities and to see the estate accounts.

But only if, on sight of the Will, that the amount actually received was less that the Will dictated. The OP needs to see the Will first and if the amount was different then he needs to statement of accounts.

[Caspar]

Re: Pecuniary legacies

I thought that's what I'd said! lol Sorry for confusion!

If abated, pecuniary legacies are reduced in proportion to the available estate.

I think we agree!

[mts1000]

Re: Pecuniary legacies

Thanks for all the advice. Will check will and go from there. The amount isn't in question, just don't trust the executor given history on financial and personal matters.

Thanks again all

[righty]

Re: Pecuniary legacies

Hi Righty,
I don't doubt you for one moment, but where did you find this information? After a fair amount of hunting I can find no definitive answer to this.

I got it from a private client solicitor, Member of Law Society Probate Section, STEP (Society of Trust and Estate Planners), Solicitors for the Elderly, Qualified Tax Consultant, & Advanced Will Writing AND who is also a member of the legal forum disscusing this very subject