Died intestate and a beneficiary has no fixed abode

[Loulamay]

Hi

My father-in-law passed away earlier this year intestate. He had 3 children and we proceeded to ensure the estate was split equally between the three. However, we've now hit a problem. The middle son (my brother-in-law) has no fixed abode, no bank account and limited ID. It's difficult to locate him at any time as he flits between prison and he also has mental health issues. My husband has been given grant of representation, but it now appears we can't do anything until his brother gets himself a bank account and somewhere to live (which could take forever). We only want to split the money equally 3 ways - is there any way we can proceed in sorting the estate, without having to involve the brother at this stage?

[des8]

Re: Died intestate and a beneficiary has no fixed abode

Hi and welcome.

If your husband opened a separate account to deal with the estate, the monies could be left there , or he could open a separate account to keep this money safe until your brother in law is in a position to accept his share
Has b-i-l tried obtaining a basic account (possibly at the branch your husband has the estate account) ( http://www.choose.net/money/guide/fe...-accounts.html)
You say your b-i-l has mental health problems. If he is not competent it might be possible to pay the money into court, but IMO that would have to be a last resort.

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[Loulamay]

Re: Died intestate and a beneficiary has no fixed abode

Thanks des8

We were thinking of setting up a separate account to keep the money safe for him. However, we've been told b-i-l needs to sign paperwork agreeing to everything and at this point in time, we are having trouble getting hold of him. He was due to set up a basic account last week, but decided not to bother

[seduraed]

Re: Died intestate and a beneficiary has no fixed abode

depending on how much money is in the estate then setting up a discrectionary trust to provide him "extra comforts".

[Loulamay]

Re: Died intestate and a beneficiary has no fixed abode

Thank you seduraed

[des8]

Re: Died intestate and a beneficiary has no fixed abode

If the beneficiary refuses to cooperate the executor still has to ensure his legacy is kept safe.
If he refuses to sign or accept the benefit the easier option IMO is to keep it in a separate bank account.
It does not have to be in his name, and a bank account is safer than under the bed.

I trust you will look into possible pitfalls if you consider setting up a discretionary trust.

[seduraed]

Re: Died intestate and a beneficiary has no fixed abode

If you do decide on a trust get professional advice. If you set up a bank account look at a high interest account.