Costs taken from estate

Hi Booh! It isn't clear if a member of the family is handling the probate themselves, or if the costs referred to are solicitor's fees. If a solicitor is doing the work the fee is deducted from 'the estate' rather than from each beneficiary's proportion. If you are doing the probate yourselves then presumably the individual beneficiary actually doing the work would notify other family members of 'the costs' and deduct them from the total value of the estate. It might be awkward to try to go down the route of each individual contributing towards costs dependant on the size of their inheritance and getting agreement to this might take some time!
 
"Is there a system for deciding which assets are used up to pay for the costs?"

Yes, there is a system, and no the executor does not have the sort of discretion baout which you enquire. It is set out in the Succession Act 1965, and (apologies for any odd formatting) I have pasted it below:

Order of application of assets where the estate is solvent.

1. Property of the deceased undisposed of by will, subject to the retention thereout of a fund sufficient to meet any pecuniary legacies.
2. Property of the deceased not specifically devised or bequeathed but included (either by a specific or general description) in a residuary gift, subject to the retention out of such property of a fund sufficient to meet any pecuniary legacies, so far as not provided for as aforesaid.
3. Property of the deceased specifically appropriated or devised or bequeathed (either by a specific or general description) for the payment of debts.
4. Property of the deceased charged with, or devised or bequeathed (either by a specific or general description) subject to a charge for, the payment of debts.
5. The fund, if any, retained to meet pecuniary legacies.
6. Property specifically devised or bequeathed, rateably according to value.
7. Property appointed by will under a general power, rateably according to value.
8. The following provisions shall also apply—
( a ) The order of application may be varied by the will of the deceased.
( b ) This Part of this Schedule does not affect the liability of land to answer the death duty imposed thereon in exoneration of other assets.
 
Back
Top