Executor holding on to money?

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zzxxzz

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Hi - my father passed away in mid-September, which required us to have his house sold. My father's will states that the money received from the house is to be split three ways between us.

The house sold in the beginning of January, and since that time the executor has been holding on to all of the money, promising to get us (the remaining 2) our checks "sometime within the next several months." He did not provide any reason for the delay, and I all I can do is wonder about all that money collecting interest for him in the meantime (which he has yet to mention).

I don't suppose anyone knows about any legal options I might have to speed this up, or would this fall under the "you have to wait a year before you can fight back against a lazy/bad executor of the will" category?
 
As a beneficiary you are entitled to updates from the solicitor dealing with the probate - Im in a worse situation with an executor but his solicitor is now at least providing updates.
 
If all assets of the estate have been collected and all liabilities and debts paid than you should ask to see the administration account that the executor must furnish. If requested an executor must give information to a beneficiary regarding their interest in the estate.

An executor cannot profit from his position and they must account for any interest earned on the assets held by them on behalf of the beneficiaries although they can employ professionals who can be paid for their services.
 
I have a somewhat related question. Can the executor decide to pay whatever price they like for professional services? For example, should an executor decide to use solicitor A, whom charges twice the rate of Solicitor B, do the beneficaries have any right to challenge the costs, as in this case they are excessive?

I suppose what I am asking is whether the executor has an obligation to retain as many of the financial assests of the estate as possible?

Thanks,

S.
 
simonshortt said:
I have a somewhat related question. Can the executor decide to pay whatever price they like for professional services? For example, should an executor decide to use solicitor A, whom charges twice the rate of Solicitor B, do the beneficaries have any right to challenge the costs, as in this case they are excessive?

I suppose what I am asking is whether the executor has an obligation to retain as many of the financial assests of the estate as possible?

Thanks,

S.
Click to expand...

I think what you are asking is if the beneficiaries can decide how the executor carries out his/her function. The answer is no. A beneficiary's view of what is excessive and the executors may very well be two entirely different things. Try to remember that the Testator, when making the will, wanted the executor to act. The Testator did not appoint the beneficiary, possibly for very good reason.

The last case I had involving a disgruntled beneficiary was very unpleasant and essentially left me wondering if the disgruntled beneficiary was not, frankly, barking mad, paranoid in the extreme and, perhaps, just downright selfish and self absorbed. She got every penny she was due, which she would have received anyway without all the nasty, suspicious, invasive and unpleasant telephone calls, emails and letters

mf
 
Simon,

That's a good question. I do not believe that they have to try and get the best possible deal and so long as the solicitor's fees are reasonable then a court would be happy with them.

It is possible for a beneficiary of an estate to complain to the Law Society if they feel the fees charged are excessive and the fees can be taxed by the Taxing Master.

Just because it is possible to get cheaper fees elsewhere may not mean that the fees charged were actually excessive. There is a difference between expensive and excessive.
 
Thanks for the response. Whilst I fully understand the responsibility of the testator to administer the will as required by law, surely there is an ownus on them to do so in a cost efficient manner?

Whats to stop the Testator choosing a 'friend' to conduct the legal part (Solicitor of course) and charge whatever they like? I would not expect this to be conducted for free, but I would have thought that there is a reasonable epectation that any fees etc would be in alignment with what other professionals would charge for the work involved (and I am not referring to any bargin basment type offers).

I would be interested to hear your thoughts.

S
 
S,

The solicitor's fee can be challenged by a beneficiary if they feel it is excessive through the Law Society to protect against such an eventuality.
 
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