Probate - Executor of Will

[PinkFinal]

What was the end result? Presumably there was an updated version and she wasn't on that?

My brother sorted it , no idea how but she's not on it now.

 

[somapop]

Yeah. Get bank details of all beneficiaries and send their bequest by bank transfer. They will also be entitled to a copy of the records you kept of administering probate. Don’t send a list of beneficiaries though. They are not entitled to see the will via you but they can pay for a copy themselves.
Finally keep everything for twelve years.

I now have the details of the beneficiaries.

Aside from a few k leftover the estate is just the house sale now.

The language on these things is a little 'ye olde legal speak, but for the most part it's quite straight forward.

However, I'm a little unsure about some of the remaining amounts and contemplating getting advice from a solicitor (at a cost).

Essentially I have 50% of the estate - 'to pay and divide 50% of my residuary estate as follows':

"a [small sum] to each of my children) the remainder of such share of the Residuary estate' unto [me] absolutely (which will eventually go them).

Then 'to pay and divide the remaining 50%' is split (in monetary terms) with my sister, her children and their grandchildren. I believe she (and one of her daughters are on benefits) hence a smaller monetary amount to them.

Then it states:

"....to pay the 25% of the remainder of such share of my Residuary Estate unto [grandchild 2] "
and
"....to pay the 25% of such share of the remainder of my Residuary Estate unto [grandchild 3] "

But after all the calculations there's still a sum left, but I can't see how this is divided out (hence wondering if it's some of the wording I'm missing). This is the bit I need clarity on. Not quite sure about that 25% element - all the other amounts for the second 50% share are in explicit monetary values.

Anything stand out here?
I really want to close all this off asap. Need this closure/piece of mind too.

EDIT: It states at the beginning of the Will that I'm down as both Executor and Trustee (as was the solicitor himself).
Not sure if that adds anything here, but points 2 and 3 mention bequeathing to Trustees too.

Wondering if it's worth the fee to get this double checked with the solicitors themselves (in the grand scheme).

 

[denislawsbackheel]

Without a doubt.
You don’t want a legal challenge because all the beneficiaries have to be given a statement of accounts as residual beneficiaries.
Remember as executor you are personally responsible for any mistakes made.

 

[somapop]

Without a doubt.
You don’t want a legal challenge because all the beneficiaries have to be given a statement of accounts as residual beneficiaries.
Remember as executor you are personally responsible for any mistakes made.

Yeah, I feel I'm going to have to.
I'm not 100% and there is residual monies I have no idea how these are to be divided out.
It's the two 25% shares of the remainder of that second 50% which isn't clear as this leaves a fair sum.

I'll get in touch with the solicitors just to be water tight on this.

Thanks.

 

[denislawsbackheel]

The solicitor should cost you nothing personally as it is a necessary expense incurred administering the estate.

 

[JASR]

The solicitor should cost you nothing personally as it is a necessary expense incurred administering the estate.

Yep.

Keep track of all expenses - utility bills, funeral costs, solicitors, and take them off the top.

I did Mrs JASR’s dad’s will wishes, which included a 20% gift to charity.
I worked out the probable estate value for probate, and then kept working towards a final figure as expenses, asset realisation and house sale occurred.
I worked out that I had X value of unknown income (utility bill credits) and Y value Expenses, after the house was sold, so kept a contingency to cover fluctuations, but paid out 95% of the non-charity disbursements to family. Once I had the final figure (less British Gas… don’t ask), I did the charity amounts, and then the remaining residual amount divided up as per the will.
The will was straightforward - 20% to charity, 40% to each of 2 x ‘family children’ split evenly per child, with 2.5% of each 40% going to each ‘family’ grandchild. Sounds complicated, but wasn’t.

 

[117 M34]

Kind of linked so easier than starting a new thread.

A couple marry in their 60s and each have own kids.
One of them has a house in their own name that the other hasn't contributed to the mortgage on.
The one who owns the house doesn't have a will.
When they die (if before the other) will the house go to the partner and then onto the partner's kids meaning the kids of the original homeowner are left with nothing?

 

[somapop]

@JASR

^^ Yeah, with the probate already done and all other bills tied up (bar one weird shares thing I have to complete) it's now just a case of paying out the Residuary Estate (essentially the house sale).
It's *fairly straightforward until I get to this remaining amount and I can't see where this should go.

There's also some grandchildren monies (listed as amounts) that is stipulated as being paid to them when they're 18.

You can fill in the gaps here, but this is the last time I want any contact with my sister and her family so not sure how that sits with being executor?

 

[denislawsbackheel]

Kind of linked so easier than starting a new thread.

A couple marry in their 60s and each have own kids.
One of them has a house in their own name that the other hasn't contributed to the mortgage on.
The one who owns the house doesn't have a will.
When they die (if before the other) will the house go to the partner and then onto the partner's kids meaning the kids of the original homeowner are left with nothing?

Not quite
If the one with no will dies first the spouse gets everything up to an estate of £322K.
Then it gets complicated.

See

Intestacy Rules - No Win No Fee - Pearson Solicitors

Where a person dies without leaving a valid Will, their estate is distributed in accordance with the Intestacy Rules.

www.pearsonlegal.co.uk

 

[denislawsbackheel]

@JASR

^^ Yeah, with the probate already done and all other bills tied up (bar one weird shares thing I have to complete) it's now just a case of paying out the Residuary Estate (essentially the house sale).
It's *fairly straightforward until I get to this remaining amount and I can't see where this should go.

There's also some grandchildren monies (listed as amounts) that is stipulated as being paid to them when they're 18.

You can fill in the gaps here, but this is the last time I want any contact with my sister and her family so not sure how that sits with being executor?

I wondered what you were a trustee for.
Presumably you will have to manage the investment of the grandchildren’s monies until they are 18.