Confused Beneficary ~ Dragged Out Will

[2ForJoy]

Beneficiary of parents will, deceased Oct 2019 house & cash left to 4 siblings. Few delays initally as there was an idea to explore PP options before putting in probate or valuations. PP was explored and outcome was not to proceed as costly and time consuming. Valuations were sought and received. Requested many times that probate should be commenced. Im not sure if executors are genuinely confused by it all or just being lazy but there seems to be no system in place to get this done in a timely fair and efficient manner. Finally after many months we all agreed to put it on market and commence probate one sibling decided she would like to purchase property but needed time to put her own house on market for sale.... so another delay.

As we are now 18 months on, no probate submitted and no real certainty regarding sibling buying it Im becoming increasingly concerned . When I enquire about this as a beneficiary im told by executors that we cannot submit a valuation for probate until we decide what other sibling willing to pay for it and that has not been discussed. The other issue is the monies left have never been outlined. When asking about this I have been told everything is now with solicitor and it cannot be discussed until solicitor sorts probate..... any advice very much appreciated.

 

[mathepac]

The executors are talking rubbish. It is their responsibility and theirs alone to progress matters and they cannot use use solicitors, estate agents, state agencies or other delays for their lack of progress.

They need to come up with a list of assets to be liquidated (property, cash, other holdings) and a list of creditors to be paid (funeral costs, other bills, insurances, etc.). Upon accepting their appointment as executors they took on the responsibility to protect the estate for the beneficiaries and to distribute the proceeds as per the wishes expressed in the will in a timely and efficient manner. If they cannot fulfil these requirements it is up to the beneficiaries to replace them, a legal process and potentially costly.

If a sibling is willing to purchase the house, the price to them is the open market valuation less their share of the asset as stated in the will. e.g. market valuation is €240,000 house split 4 ways, the sibling purchasing it pays (€240,000 - €60,000) plus their own conveyancing & inspection costs (engineer, solicitor, taxes, duties, etc.) It is a regular house-purchase transaction apart from the discount.

 

[2ForJoy]

The executors are talking rubbish. It is their responsibility and theirs alone to progress matters and they cannot use use solicitors, estate agents, state agencies or other delays for their lack of progress.

They need to come up with a list of assets to be liquidated (property, cash, other holdings) and a list of creditors to be paid (funeral costs, other bills, insurances, etc.). Upon accepting their appointment as executors they took on the responsibility to protect the estate for the beneficiaries and to distribute the proceeds as per the wishes expressed in the will in a timely and efficient manner. If they cannot fulfil these requirements it is up to the beneficiaries to replace them, a legal process and potentially costly.

If a sibling is willing to purchase the house, the price to them is the open market valuation less their share of the asset as stated in the will. e.g. market valuation is €240,000 house split 4 ways, the sibling purchasing it pays (€240,000 - €60,000) plus their own conveyancing & inspection costs (engineer, solicitor, taxes, duties, etc.) It is a regular house-purchase transaction apart from the discount.

Thank you for this, very much appreciate your advice on this.

 

[Bronte]

Finally after many months we all agreed to put it on market and commence probate one sibling decided she would like to purchase property but needed time to put her own house on market for sale.... so another delay.

And what happens if she sells her house in 6/12/18 months and decides she won't buy it after all. The executor should put the house on the market, there are costs associated with holding onto a house, that cost reduces the value of the estate, empty houses can become damp etc. Sibling buys if she has sorted herself out and equals not the value, but the highest bidder. Unless everybody agrees otherwise.