To expect to be paid out from a will by now?
Swapsie · 15/06/2013 15:39
I've name changed, but am a regular.
I was left a sum of money in a close family friend's will, whilst it is not mega-bucks, it is a significant sum for me and would clear my credit card and overdraft. After a series of large and unanticipated bills arrived at the most inopportune moment, I'm really on my beam ends.
The estate went through probate and wasn't contested. All funeral expenses and debts have been paid. This all happened in August last year. One of my parents and another person who was friends with the deceased were appointed executors. They are also significant beneficiaries in the will.
The main asset of the estate is the deceased person's house. However the executors haven't sold the house. The house was initially' put on the market, shortly after our friend's death. However since then, they've taken it off the market for a while, in order to undertake cosmetic repairs using the estate's money and then put it back on the market at a significantly higher price.
As a result there is no or very little interest in the property and enquiries have dwindled to nearly zero. They also rejected a decent offer just before they made the upgrades.
I think it is the other executor rather than my parent who is driving this and is being difficult and has said she'll not accept a penny below the asking price, but my parents have gone along with this. I have been of the view that when the property failed to sell, it should have been discounted or put to auction, rather than being tarted up and put on the market for more money.
I don't want to come across as greedy or grasping, but feel I am entitled to the money that was left to me and I should have been paid out by now.
By the same token, I don't want to cause a family row. What are my rights in relation to the money in the will? Are there any times limits before they HAVE to settle the estate?
Can they sit on the house indefinitely? Other beneficiaries (mostly charities) are getting a bit ticked off now as well and have started making phone calls to the Executors asking when the estate is going to be settled.
escape · 15/06/2013 15:47
As time goes on, the other executor should be told to see sense with regards to a property price vis a vis the market conditions.
On the other hand, none of you are 'entitled' to anything , until the estate is settled, so whilst it may be annoying, as you have debts to settle, it's just a waiting game, whether, you or any other beneficiaries need the money or not.
Swapsie · 15/06/2013 15:50
Oh I think she does.
Several people (including me) were left smallish lump sums and my parent and the other executor inherited the remainder of the estate.
I think she is trying to extract the most amount of money for herself at the expense of other people in the will.
Lonecatwithkitten · 15/06/2013 15:55
It maybe the house sale that enables all the small beneficiaries to be paid. Some of these things can take a very long time my Dad was both his parents executors and for my Mum's mum too. In all those cases without property it still took over 18months for him to be able to fully settle the will and pay out everyone even though he moved along briskly.
Swapsie · 15/06/2013 16:00
It maybe the house sale that enables all the small beneficiaries to be paid. Some of these things can take a very long time my Dad was both his parents executors and for my Mum's mum too
Yes, this is the case, all the disposable cash was used up paying funeral expenses, settling the mortgage and ongoing bills such as gas/electric/council tax.
A huge portion was sucked up paying for this bloody cosmetic upgrade, which would have been adequate to pay out some of the beneficiaries in full. This bit sticks in my throat if I'm honest and smacks of putting their own interests first, at the expense of the lump sum beneficiaries. (We still get the amounts specified, whatever the house sells for.)
edwinbear · 15/06/2013 16:01
You know that interest is payable after a certain period of time if an estate remains unadministered? I believe it is 12 months but I would need to google to check. I say this as I waited 3 years for my legacy from my dad's will as it was contested and received interest.
edwinbear · 15/06/2013 16:06
Yes, it's one year.
mirry2 · 15/06/2013 16:12
I just hope none of you complainers never have to administer an estate. I've had to do two and never will I do one again. All I got was grief from the beneficiaries because they thought I wasn't doing things fast enough. Obviously I wasn't paid to do it and I had to put the rest of my life virtually on hold. I'd advise anyone not to take it on or to put it in the hands of a solicitor. I've never heard of any executor having to pay out interest on an estate taking more than a year to execute and i can't imagine it would happen or nobody would agree to being one as it usually takes much more than a year if there's a house to be sold.
cortado · 15/06/2013 16:19
Mirry the executor here isnt asked to do anything except stop being a grasping deluded idiot. When you're selling anything you advertise it and if you go a while without any interest you drop the price. And repeat if necessary. Unfortunately this person appears to be a "homes under the hammer" watching idiot who thinks a bit of paint justifies any asking price she pleases. Unfortunately I think the op will need to shell out on legal fees to force the issue though.
Swapsie · 15/06/2013 16:21
I realise I haven't been clear on how the will is structured
specified lump sum amount to Swapsie
specified lump sum amount to AN Other
specified lump sum amount to John Doe
specified lump sum amount to charity 1
specified lump sum amount to charity 2
The remainder of the estate to be divided between My parents and the other executor.
The only ones who benefit from selling the house at a higher price are the executors and it feels that they aren't acting in their own interest to the detriment of everyone else.
Using money that was available to pay out lump sum beneficiaries to try and achieve a higher asking price, from which only they would gain feels dodgy to me.
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