Executor Offer

J

Jasper pal

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Hi, I was appointed as my Mams Executor in 2008 when she passed, there is only two beneficiaries, 1) Mams Friend, 80k sum of money 2) Me, rest and residue of estate. The Estate consists of the Family Home and no cash. As per previous post back in 2008 I have made every effort to sell the property and consitantly lowered the price with the market falling, I have had no offers at all, the property was valued at 900k approx when I sat down with Mam and she decided on her will in 2006, it would be lucky to fetch 400k in current times, and this is the guideline the agent is using to sell and has stated "open to offers".

Mams Friend stopped talking to me soon after her passing and is now dealing with solicitor number 5 I think! The friend has been completely irrational and has been demanding the sum of money since 2008 and has now applied for court action according to the last correspondence from his solicitor. When the friend ( who lived in the property) left it in 2008 they took various things that didnt belong to them and also left a rather bad mess! I have tried to mediate with them to no success. I have not pursued them on this either!

Anyhow, I am now in a position to raise some, not all of their bequest personally, in the region of 35k. At this stage i want closure as it is causing huge stress for me and my family, not only have i lost my only parent, i am loosing the family home as i can not afford to keep it myself.

I want to make this person an offer of the 35k to close this matter, he may not accept but this is all i can do. Does anyone know what the legal stance is on this, can anyone help or make suggestions........

Thanks

JP
 
You are going to have to pay the €80k.

This may seem hard or unfair when the value of the estate has declined. It isn't.

It may give you some perspective if you ask yourself what your attitude would be if the property, instead of going down in value, was now worth €1.6million. Would you double the €80k payment? I certainly wouldn't; I would take the attitude that the payment under the will was a fixed sum and that any increase in property value was my good luck. The same logic applies to a decrease in value.

It is unfortunate that the beneficiary seems to be a little volatile ( certainly, 5 solicitors seems a tad excessive) but on the bare facts outlined, he is perfectly entitled to €80k, and indeed will be entitled to interest.
 
It's gonna have to be paid. And the longer you leave the more it will cost you. The other party will be seeking interest on his inheritance which he is entitled to. Pay him and get him off your back, off the scene and into the history books. (under addendum for Horror stories).

However if chatels and items went missing why don't you challenge him and without an excuse deduct teh value of these items from his inheritance.
 
The most i have raised is 35k, the property is not selling for various reasons, more attractive ones in the area and re wire and other work needed on this one which i also cant afford to do. the banks will not consider me for a loan of 80k i have tried. Pure example only: what would happen if the property was sold for 50k, would i have to source the 30k personally to pay off benificiary?.... can anyone help
 
Well, that's a great point.. what happens if the estate is worth less than the amount bequethed?

The second question is what happens if you cannot sell the house to realise the cash?

How is interest calculated on inhertitances? Is there a set rate?, and does the interest accrue from day 1, or day 90 etc, for example

No executor could reasonably be expected to discharge the 80K payout in less than a few months I'd have thought...
 
Not an expert, but I believe it comes down to the wording of the will. From what you say, the friend gets €80 & you get the balance. If the property sold for €, they would get the whole amount and you would get nothing, but you not be expected to pay the remaining €30 out of your pocket.

The valuation you have from a few years ago is basically useless (probably grossly overstated as very few houses have dropped from €900k to €400k, bad and all as things are). It will sell at the right price, just that price might be lower than you were expecting.

What sort of things did they take from the house? Was there anything of value or sentiment?
 
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