Two part question re:wills

[polly50]

Can someone help with the following queries:

1.If a deceased person's gross estate is valued at £150,000, once all payments and debts are paid it leaves a net figure of £50,000. This is to be divided equally (as stated in the will) between 10 inheritors which would be £5000 each. However, the inheritors only received £4000 each so does anyone know of any situation where the inheritors would not receive the full amount?

2.Should the solicitor who was the executor of the estate, provide the inheritors with a full breakdown of where the £100,000 went?

[CaroleW]

Most definitely.  £100,000 - that's a heck of a lot of money.

Never make a solicitor your Executor for the following reasons

1.  You are not their only client so it will take a lot longer to get probate.  My cousin died 15mths ago - her sister was executor but didn't feel capable of applying for probate hence a solicitor.  She lost 2 sales on the sisters house because of the delay - took 11mths

2.  As a friend once said - "make a solicitor your executor & there won't be much estate left"

Number 2 Certainly seems to be the case here😱😱

[Pheno]

There's usually a fixed fee for probate administration, generally not a %.  Steer clear of those solicitors who do apply a % rate.

Pheno

[AntonyMMM]

I believe that (In E/W) beneficiaries who are left a specific bequest, or a set sum of money, are not automatically entitled to a copy of the estate accounts, but a "residuary beneficiary" who is to receive a share of the estate is entitled to see such an account so that they are able to confirm they have received the correct amount.

When I asked a solicitor about dealing with my father's estate they wanted to charge their hourly rate ( about £150ph I think it was at the time - probably much more now) AND 2% of the estate value. I declined their offer and dealt with the estate myself which is a surprisingly simple thing to do.

In that, and another case since, in which I have acted as an executor I have provided each beneficiary with a simple spreadsheet showing the estate assets/expenses and distribution calculation.

Ask the solicitor to provide a copy of the estate accounts.

[polly50]

Thank you all for your replies.

Agree CaroleW about the perils of having a solicitor as an executor. My hubby and I have our children as our executors.

It has come to light that from the net figure that things like estate agent fees, house expenses, professional fees were taken. Which doesn't seem right to me.

We will approach the solicitor for a breakdown of the gross and net figure. We are residual beneficaiaries so are able to do so.

I have already complained to the solicitor about their lack of communication etc:

There is also a so called "friend" who was taking care of the deceased finances. The solicitor allowed her to arrange the funerals, we didn't know we could challenge this decision, the funeral director then allowed her to collect the ashes of the deceased (husband and wife) even though the correct paperwork wasn't in place.

This friend than had the ashes scattered but didn't inform the family. It has been and continues to be an horrendous time.

Sorry to go on, I will stop here!

Once again thank you for your help it's much appreciated.

[CaroleW]

Before an application for probate is submitted there should be documented records of the balance in each bank account plus any other financial assets - shares/bonds etc etc

There should be an estimated market value of any property plus any valuables eg Jewellery/car etc

The above form the gross estate from which is deducted funeral & associated costs/ any debts etc.

You mention the ashes were "husband & wife" so am assuming this was a double death??   Were there 2 wills?

[polly50]

Before an application for probate is submitted there should be documented records of the balance in each bank account plus any other financial assets - shares/bonds etc etc

There should be an estimated market value of any property plus any valuables eg Jewellery/car etc

The above form the gross estate from which is deducted funeral & associated costs/ any debts etc.

You mention the ashes were "husband & wife" so am assuming this was a double death??   Were there 2 wills?

Yes it was a husband and wife. Wife died first and left everything to husband. But her will isn't appearing on the probate records so her assets were probably under the probate limit.

There are a lot of expenses re: care home fees etc: which we are not disputing.

I have contacted the solicitor, today and asked for details of all assets and costs regarding the estate. Hopefully I will get a prompt reply.

Thank you for your help.

[CaroleW]

If both were in care homes & nobody had Power of Attorney, Social  Services may have been "topping up" their incomes to meet the fees.   If they owned a house, Soc Services will have put a charge on it to prevent it being sold until they recouped their contribution.

I encountered this situation when doing probate for my friends mother.  She was in care for just a little over 4yrs & they claimed £39,600 from her estate

[polly50]

Yes CaroleW they were in a nursing home and a charge was put against their property. They were well looked after and together which is the most important thing; especially during the covid period.

I am now going through the accounts I have received from the solicitor, all seems to be in order. The care home fees are eye-watering. Unfortunately there wasn't a power of attorney just a "deputy" who seemed to take over their lives.