# How to distribute inheritance?



## terrysgirl33 (19 Apr 2018)

This is largely a theoretical question, looking for stories about how other people got on mainly.

If you have a fairly large inheritance (tens of thousands, mightn't be big to everyone!) coming, should you decide how/where you want to receive it?  I know someone who is executor, and 8 months after the death he is ready to distribute money but two of the beneficiaries (who are overseas) are now scrambling to sort out bank accounts and tax affairs.  Is it more usual to sort this out earlier?  It will all be sorted, I'm just wondering if this is all "normal".


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## mf1 (19 Apr 2018)

What's normal!

In my own practice, I'd certainly be flagging things up from a very early stage but every case is different. 

I take the view that, in the overall scheme of things, aren't the beneficiaries lucky to be coming into money and it will all happen when it happens. 

And eight months is very good.

mf


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## terrysgirl33 (19 Apr 2018)

mf1 said:


> What's normal!
> 
> In my own practice, I'd certainly be flagging things up from a very early stage but every case is different.
> 
> ...



Two of them are complaining that they haven't had time to consult a tax adviser, and seem to want the executor to investigate tax efficient ways of getting the money to them.  They are terrified of spending too much.  Getting money to the UK seems to be prone to bank charges.  Both of them need the money, one of them urgently...

The executor didn't think to flag these issues to them.


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## mf1 (19 Apr 2018)

I have officially turned into a cranky, old person!

Pity about them was the first thought followed by and what exactly are they going to do with their complaints?  Talk to Joe?

Let them go off and sort themselves out. 

An executor's role is a thankless task

mf


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## T McGibney (19 Apr 2018)

terrysgirl33 said:


> and seem to want the executor to investigate tax efficient ways of getting the money to them



Hmmm...


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## elcato (19 Apr 2018)

terrysgirl33 said:


> Getting money to the UK seems to be prone to bank charges.


 This has nothing to do with tax though. How big can the charge be ?


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## terrysgirl33 (19 Apr 2018)

How big are the bank charges?  Too big, I guess...  There seems to be a lot of panic.


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## noproblem (19 Apr 2018)

Roughly how much is the inheritance and how many people involved? Are they close relatives? There's an allowance for people inheriting money from a relation and if the money involved isn't great then what's their problem? They could always refuse it and tell the executer they'd prefer him/her to have it coz it's too much hassle.


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## terrysgirl33 (19 Apr 2018)

noproblem said:


> Roughly how much is the inheritance and how many people involved? Are they close relatives? There's an allowance for people inheriting money from a relation and if the money involved isn't great then what's their problem? They could always refuse it and tell the executer they'd prefer him/her to have it coz it's too much hassle.



They do need the money, and it is a fair bit.  I'm wondering what's the usual mechanics of actually transferring the money...


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## noproblem (19 Apr 2018)

A cheque i'd imagine


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## Marsha25 (19 Apr 2018)

God help the executor.  Dh was executor of his mother's will.  The solicitor sorted it for him.  Money was sent via bank transfer to other beneficiaries by the solicitor to their solicitor (bad relations between beneficiaries so communication was via solicitors).  It's up to the beneficiaries to sort their own tax affairs.  If it's cash that's being distributed and the money is in an executors account then send it via bank transfer and let them sod off with their whinging.


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## Concrete (25 Apr 2018)

terrysgirl33 said:


> How big are the bank charges?  Too big, I guess...  There seems to be a lot of panic.


Executor should be able to do bank transfers (maybe from a branch if it's bigger sums) - should be little or no charges to Ireland/UK/EU/some other places.


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## Concrete (25 Apr 2018)

I just took a very quick look and I'd say transfers from Ireland to UK will be small or non-existent:

https://personalbanking.bankofirela...l-payments/support/transfers/#faq-panel-35898

https://personalbanking.bankofirela...l-payments/support/transfers/#faq-panel-35907


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## qwerty5 (25 Apr 2018)

Dear recipient,

Please forward me on your IBAN and SWIFT code and I'll transfer X to you.
Alternatively send me on your address and I'll send a cheque.

End of story.

Executor


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## terrysgirl33 (26 Apr 2018)

Thanks.


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