Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Varche on 01 October 2011, 10:02:12
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Has anyone been either a beneficiary or an executor of a will where there are multiple beneficiaries?
Did the executor have to provide a rough breakdown of money coming into the estate (house sale, car sale and other assets) plus outgoings like final utility bills to be paid?
Or was it necesary to provide a very detailed breakdown of everything to each beneficiary?
Was it neccessary to obtain each beneficiaries signature of acceptance of the accounts before paying out legacies?
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I've been an executor twice now, first was 6 beneficiaries, second was 8.
In both cases I kept accurate records of all transactions using an excel spreadsheet, a bit like a balancing accounts .. (I used to be treasurer of several clubs and the school PTA) .. this listed all incomings and outgoings so easily showing the net position. When I applied for probate I incuded these accounts along with an estimate of how much each beneficiary would get .. after my "best guess" of the tax position. The Probate Officer congratulated me on the ease of the paperwork and the accuracy of my records .. the interview lasted less than 10 minutes !!
The tax position was slighty better than my guess (deliberately done) and once the tax was paid and the final amount reconciled I sent each beneficiery a copy of the accounts and a statement of what they would receive, and gave them 14 days to query my figures. Not a single person did and the monies were then paid out a week later.
I have kept copies of the paperwork in a file in the attic so that if anyone ever decides to query anything I can show what I did and why.
This was about 15 years ago for the last one, so things might have changed ...
HTH