Executors & Beneficiaries

[leclerc]

Re: Executors & Beneficiaries

Hello, yes of course you may ask. I am one of two beneficiaries. My sister and my cousin are both executors. My cousin is asking for a goodwill gesture of 1,000 from each of us (but hasn't asked my sister yet). I am just worried that if I agree to anything, my sister will then come along and ask for the same. Also my cousin informs me he by law, can charge 2 to 4 per cent for being executor, although in the first instance he did say he offered to do the job and therefore would not charge. The estate is almost tied up now and suddeny my cousin asks for 500 from me as a gesture of goodwill and then it went up to 1000. As he holds the cheque book, I need to know where I stand as they have not opened an Executors Account only a joint account. Sorry this is such a long drawn out story but it is exactly how the situation has evolved. I was told from the beginning, you are only a beneficiary, nothing is your business. I have asked for bank statements as I know my mum loaned my sister 10,000 pounds 18 months ago, but I am not getting anything back from the Executors. Please advise.

If there is no executors account then is the deceased account not frozen?
If there is no executors account then your sister is entitled to a cheque book on that account regardless of that.

Ask him which law allows him to take between 2 and 4 per cent as a private individual. Is he an accountant or is he a solicitor?(http://news.bbc.co.uk/1/hi/business/7670031.stm)

If he is either of them then you have the right to say that his percentage he is taking covers any such amount.
How much is the estate worth rounding up to the nearest £5k?

My bullshitometer is rising......

[ocraz49]

Re: Executors & Beneficiaries

Thanks for you support and reply, yes the accounts have been frozen using their probate acceptance as proof. All money has been transferred to a joint account between them. I am, obviously having to put all my trust in my cousin, as my sister and I do not get on, so I don't really want her to have a cheque book. I don't know where he got the percentage from but I do feel like it is being used as bargaining power, which puts me in a very difficult position. Mum left a wish list where she left him an envelope, but he doesn't realise that I know it was money.
The estate is very large, 300 k plus. But the work done was minimal cost.
I will look at the site you sent me, thank you for sending it.
Sorry to have raised you bullshitometer but I am a person who believes and trusts too much. Now my trust is waining, so I am relying on you guys to help me understand exactly where I stand.
Many thanks in advance.

[ocraz49]

Re: Executors & Beneficiaries

To answer your other question, no he's neither solicitor nor an accountant.

[leclerc]

Re: Executors & Beneficiaries

To answer your other question, no he's neither solicitor nor an accountant.

Then say no to the gesture of goodwill since his fees are being recouped from the percentage he is charging the estate. I would seek professional help even if that means a 30 minute free consultation with a solicitor just so that you know what he can and cannot do.

[ocraz49]

Re: Executors and Beneficiaries

In that case they would both have to be removed, as the locks and alarm were changed on the house and I was not allowed a key, so where does the proof come in??? When eventually I was allowed into the property practically everything of value had disappeared. On asking one of the executors I was told, "well what can I do about it?" Nothing is as straightforward as it seems.

[ocraz49]

Re: Executors & Beneficiaries

I have read the site you sent, very interesting and informative. The goodwill gesture was asked in exchange for his charging a percentage for the executorship work.
The question I would like an answer to, is can my sister, who is an executor and a beneficiary, charge as well. Do you know?

[Celestine]

Re: Executors & Beneficiaries

Threads merged X

[CleverClogs]

Re: Executors & Beneficiaries

can my sister, who is an executor and a beneficiary, charge as well.

Yes, but only in the way that a bull can. :grin:

[Inca]

Re: Executors & Beneficiaries

You should definitely consult a solicitor...nothing brings out the nasty side of people more than money.

[MissFM]

Re: Executors & Beneficiaries

I have read the site you sent, very interesting and informative. The goodwill gesture was asked in exchange for his charging a percentage for the executorship work.
The question I would like an answer to, is can my sister, who is an executor and a beneficiary, charge as well. Do you know?

No, she can't - and neither can the cousin unless your mother specifically willed it. Unless either is a "professional" executor (ie solicitor or accountant) they can charge nothing except legitimate expenses.

There was a thread recently on here (sorry can't find it) describing how to remove an executor - maybe someone else remembers?

Executors have a duty to be above board in every sense and your worries sound justified.

Your cousin should not be asking you for money - he could simply say he did not want the responsibility of being an executor and duck out.

My right-royal-ripofferometer is also reaching fever pitch.

[MissFM]

Re: Executors & Beneficiaries

Thanks for you support and reply, yes the accounts have been frozen using their probate acceptance as proof. All money has been transferred to a joint account between them. I am, obviously having to put all my trust in my cousin, as my sister and I do not get on, so I don't really want her to have a cheque book. I don't know where he got the percentage from but I do feel like it is being used as bargaining power, which puts me in a very difficult position. Mum left a wish list where she left him an envelope, but he doesn't realise that I know it was money.
The estate is very large, 300 k plus. But the work done was minimal cost.
I will look at the site you sent me, thank you for sending it.
Sorry to have raised you bullshitometer but I am a person who believes and trusts too much. Now my trust is waining, so I am relying on you guys to help me understand exactly where I stand.
Many thanks in advance.

Ocraz - I believe that what you are describing is (potentially) fraud, both in the moral and the legal sense. Unfortunately there are those who prey on grief in this way.

I apologise not to have said this before but - I'm so sorry for your loss and also that you are going through this additional crap.

[ocraz49]

Re: Executors & Beneficiaries

No, she can't - and neither can the cousin unless your mother specifically willed it. Unless either is a "professional" executor (ie solicitor or accountant) they can charge nothing except legitimate expenses.

There was a thread recently on here (sorry can't find it) describing how to remove an executor - maybe someone else remembers?

Executors have a duty to be above board in every sense and your worries sound justified.

Your cousin should not be asking you for money - he could simply say he did not want the responsibility of being an executor and duck out.

My right-royal-ripofferometer is also reaching fever pitch.

Ah, thank you MissFM for your reply and for understanding my worries. It's good to get a direct answer. He actually offered to be an Executor when mum was alive, because my sister and I have never got on, so he gave himself the responsibility. I think they both think I am either a soft touch or stupid. But it is hard when I don't know the legalities of it all, so I have just trusted and believed him. It's so good to have these sites to re-assure people and I thank you again.

[ocraz49]

Re: Executors & Beneficiaries

Threads merged X

Thank you Celestine for merging the two for me, I didn't have a clue how to do it.x

[CleverClogs]

Re: Executors & Beneficiaries

I'm so sorry for your loss

You didn't cause it, did you?

[CleverClogs]

Re: Executors & Beneficiaries

Thank you Celestine for merging the two for me, I didn't have a clue how to do it.x

You couldn't have done. Nor could I, as it requires someone with administrative privileges.