Executor duty to list assets etc

[jimmmy]

Afrer a bereavement, what is the timeframe for an executor to supply details of an estate ( assets + liabilities ) to a solicitor ? How soon should a solicitor be appointed ? I assume all beneficiaries should be informed there is a will.

Also, does the executor of a will have to provide a list of the assets of an estate to the beneficiaries...or should it be up to the beneficiary to request this off the solicitor ? Its a balancing act to satisfy one out of courtesy while being confidential to interests of another beneficiary.

 

[mf1]

"Afrer a bereavement, what is the timeframe for an executor to supply details of an estate ( assets + liabilities ) to a solicitor ?"

There isn't really a legal time frame. For tax purposes ( if there is going to be tax payable) "as soon as is practicable" is a good guide.


"How soon should a solicitor be appointed ?"
The executor may decide not to appoint a solicitor but to do it themselves.


" I assume all beneficiaries should be informed there is a will."
Depends. It would be the norm and it is good practice but what if there are no assets? or no will? Or a will which cuts out people who thought they might be beneficiaries?

"Also, does the executor of a will have to provide a list of the assets of an estate to the beneficiaries...or should it be up to the beneficiary to request this off the solicitor ? "

Not at all. This is none of the beneficiaries business. They are entitled only to information about their own benefit. In due course, after Probate, wills,probates and Schedules of assets are available from the Probate Office to anyone who wants them.

"Its a balancing act to satisfy one out of courtesy while being confidential to interests of another beneficiary."

I'm not sure an executor is obliged to do anything out of courtesy - many beneficiaries are unbelievably ignorant, seeking details about things that have zilch to do with them and being downright rude to executors and solicitors at the same time!

mf

 

[jimmmy]

Thanks for that. There are assets , and a will. One of the beneficiaries thought they should have been left more than they were, and wants a complete lst of assets !
I guess its not unreasonable for an executor to take a few months to compile a list of assets / creditors ( if its a bit complicated ) and appoint a solicitor , since the bereavement. Thanks again for your reply.

 

[Stifster]

Thanks for that. There are assets , and a will. One of the beneficiaries thought they should have been left more than they were, and wants a complete lst of assets !
I guess its not unreasonable for an executor to take a few months to compile a list of assets / creditors ( if its a bit complicated ) and appoint a solicitor , since the bereavement. Thanks again for your reply.

As MF said the beneficiary will have to wait until the will goes through probate to find out what was in the estate. They then have 6 months from the date of the grant to issue proceedings.

A spouse is entitled to a percentage share depending on whether there are children or not. If the beneficiary is a child then the deceased may have had a moral duty to provide more for them. If they are not either of the above then they might claim that they were promised more and did something to their detriment as a result.