To expect to be paid out from a will by now?

[Swapsie]

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.

[QueenStromba]

And this is why you don't make the main beneficiaries the executors of the will.

[Swapsie]

You obviously don't and didn't care a jot for the deceased and they would have been better leaving it to charity

Fuck off, I cared very deeply for the person who died. You don't know Jackie Fucking Chan about how I felt about them or indeed the financial pressures we've been under.

This is nothing to do with her, but a greedy executor who is maximising their own financial wellbeing.

[QueenStromba]

What a horrible thing to say unlucky. It's particularly upsetting to lose someone you love and then have other people try to screw you over when you know full well it's not what the person would have wanted. My Granny would be very upset if she knew about the family feuds that have gone on over her estate. I'm sure Swapsie's friend/relative would also be upset that the executor is putting their own financial gain above paying the other beneficiaries who could really use the money.

[Swapsie]

I am quite prepared to be told that I should be patient and wait for the money, that is the issue at stake. Not for unlucky to offer her deeply inflammatory comments on my motives.

But what unlucky said was deeply personal, incredible hurtful unfair and untrue to such an extent it made my cry.

[SauvignonBlanche]

It took 3.5 years for my DM's house to be sold and me to actually receive a cheque. It can take ages.

[unlucky83]

Sorry - I know that was brutal...
But your post implies that the 'greedy' executor didn't care about their friend and is only thinking about personal financial gain...
and in fact it could be seen in a different light ...
Maybe they are thinking about doing their best for their dead friend -and finding it emotionally difficult....after all when the estate is settled it is final and they will have to accept their friend is dead.
(My sister has slowed down the settling of my uncle's estate - for similar reasons - now I think for all our sakes (especially my father's) we need to settle)
Maybe if the greedy executor read what you have written about them they would be equally upset ...

[Thumbwitch]

What QueenStromba said.

[SauvignonBlanche]

We took our time as it was so upsetting.

[Swapsie]

I doubt it unlucky the executor has been talking about the money from within hours of her dying. I put the phone down on her as I didn't want to hear the will being discussed until after the funeral.

Any mention of loss or grief hasn't come into it.

Fair play for apologising though.

[unlucky83]

Swapsie - if you read your posts back ...you don't mention feeling sad at all - and I guess I'm a bit sensitive about stuff like this right now..
(me playing you to an extent but for different reasons)

[Swapsie]

Well it wasn't relevant to the issue about how I feel about her death. (FWIW I didn't expect to get anything and was shocked and touched when I found out) I am quite good compartmentalising things, so see this issues with the executor as being separate from my feelings about her death.

I also don't want to go down the 'If she was alive she'd feel this way or that way about this, because we can't know' but it is pretty clear what she wanted to happen and what was to go to whom. The will didn't say ' the executor shall try and maximise their own share and drag things out for their own benefit and hell mend everyone else.'

There are also charities who are losing out due to the acquisitive behaviour of the executor. Incidentally they have been far more pro-active about wondering where their money is and fair play to them.

[WhyMeWhyNot]

17 months in my case

[Northernlurker]

I know of a case where beneficiaries have been waiting over two years - and will be waiting a few more. This is because the will specified they were not to receive their share until they were thirty. However what they did receive was a share in the death in service benefit. This was paid to them entirely voluntarily by another beneficiary who was also the executor and done because they knew that was what the deceased wished.

In your case OP I think you need to be patient. The time thus taken is not outrageous and at least the house is on the market. It could sell tomorrow. Your credit card bill is not the executors problem.You could try asking for an advance of your share though? That might hurry things along as well.

[Whojamaflip]

12 years here - and then the property was discounted by over a third to secure a sale

a significant sum of money lost through the executors dragging their heels. Still haven't seen a penny even though the sale went through 6 mths ago.

Another one we are waiting on is over 7 years but that is the solicitor holding that one up ( in the hands of the Law Society now)

[LaGuardia]

Even if the house was sold and everything was in order, the executors still legally have two years to pay out. I think you are wrong to count your chickens, OP. If this person were still alive, you would be paying your bills off your own back.

[Corygal]

Do stop attacking the OP for being the beneficiary of a will - this is one of those topics where MN is weird, and not in a good way.

OP - you do know you're entitled to interest don't you? From the date of probate (at least) to the day you get paid. And annual accounts of what your money is doing plus the workings of the interest unless you get it.

As to using the estate's money to do up the house, the legality of that depends on the wording of the will. If you were left a set sum, for instance, the executors can't touch it and they won't have done. But if you were left a percentage - say 1/4 - of a pool of money that they are dipping into to do the house up, and they are spending that money on the house, then you may be in trouble.

Ask to see the will - you are entitled to that too. Don't be embarrassed. Ask for an advance too - if there's cash going on repairs, there should be cash to pay you.

[LessMissAbs]

The executors seem to have acted perfectly reasonably in the circumstances. They tried to sell the house, it didn't sell (house sales are slow in a recession) so they carried out improvements which may have caused it not to sell. Now it is on the market again.

Certain issues may be coming up on survey reports that are causing sales to fall though. Even more so if it is in Scotland where Home Reports are still compulsory awful system

Are you seriously suggesting that they should prejudice the other beneficiary's inheritances by accepting a lower price than what the house is currently worth just so that you can settle your own debts from unearned income? That would be indicative of clear bias on their part and very dangerous territory.

Just wait until the house sells. Plenty of people are having to wait until their houses sell to get on with their lives, or sell in negative equity. You are not really in that an unfortunate position in comparison.

Alternatively dig into you own pocket and raise legal action to compel sale of the property.

[QueenStromba]

Read the thread LessMissAbs - the only beneficiaries who benefit from a higher selling price are the executors who rejected a decent offer on the house months ago thus slowing down everyone else getting their money.

[LessMissAbs]

I did read the thread and I am sure the one of the executors does not wish to run the risk of being accused to selling the house too cheaply and under-value, to benefit either themselves or one particular beneficiary. Charities in particular are legally obliged to maximise their income from inheritance, by legal action if necessary.

I repeat that trying to obtain the best possible price for a property is not prima facie acting unreasonably by an executor. Far greater evidence would be needed than this. There may well be far more money at stake in selling the house at one price or another than the OP's inheritance, and its perfectly reasonable to try to ensure that the best price is achieved.

[SoupDragon]

The charities, and the OP, are receiving a fixed amount regardless of the sale price of the house.

[Alwayscheerful]

Specific legacies should be paid within 12 months , any longer and interest should be paid.

There is no time limit for residual beneficiaries.

[Swapsie]

Even if the house was sold and everything was in order, the executors still legally have two years to pay out. I think you are wrong to count your chickens, OP. If this person were still alive, you would be paying your bills off your own back

I really shouldn't have mentioned the fact I've hit a rough patch financially. It has clouded the issue. I feel I would feel equally frustrated if I'd been a millionaire. I certainly do not feel the need to apologise or be ashamed for being named in a will or want what is due to me.

I worry that this situation could continue indefinitely as there seems nothing to do to force the hand of the troublesome executor.

In an extreme case could an executor put a run down one bed flat on the market for ten million and then not listen to any offers?

[Thumbwitch]

Not for long, Swapsie, as that would be seen to be failing in their duty as an executor in real terms. But you'd probably have to take them to court about it to force the issue if they refused to be reasonable, and you'd probably have to go to mediation first.