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I am a residuary beneficiary of my godfather's will and have been left 50% of his estate. I only know this because I got a copy of the will myself from the Probate Office (probate was granted in May), the Executor had only told me I was named in the will but says they cannot give me any details at all until everything is finalised.
The Grant of Probate letter states that the net value of the estate is £250K less than the gross value of the estate which is a surprisingly large amount. My godfather owned his own home so there was no mortgage. Am I right in thinking that the only reason for this large deduction is that he must have had debts which we were unaware of? There were no care home expenses either.
Also, please could someone confirm that as I am a residuary beneficiary, I can in theory ask for more details about the estate accounts? I am a bit confused at the moment as his house is still not on the market (and he passed away in November). How is my share of the net value going to be released if the property is not sold? Is the Executor (who is also the other 50% beneficiary) allowed to buy out my share of the house without telling me? I should stress I have no interest in the house, I am just curious as to what's going on!
Thanks
The Grant of Probate letter states that the net value of the estate is £250K less than the gross value of the estate which is a surprisingly large amount. My godfather owned his own home so there was no mortgage. Am I right in thinking that the only reason for this large deduction is that he must have had debts which we were unaware of? There were no care home expenses either.
Also, please could someone confirm that as I am a residuary beneficiary, I can in theory ask for more details about the estate accounts? I am a bit confused at the moment as his house is still not on the market (and he passed away in November). How is my share of the net value going to be released if the property is not sold? Is the Executor (who is also the other 50% beneficiary) allowed to buy out my share of the house without telling me? I should stress I have no interest in the house, I am just curious as to what's going on!
Thanks
