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TAS How to Deal with Executor of Will as Beneficiary?

Discussion in 'Wills and Estate Planning Law Forum' started by Matt_v9, 11 June 2016.

  1. Matt_v9

    Matt_v9 Active Member

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    Hi,

    I'm looking for resources that can list clearly the rights of beneficiaries in dealing with a solicitor appointed as executor of will, or help on this topic.

    For example, if an executor is grossly overestimating valuation of assets and beneficiary decisions are made based on the valuation, would this be just excused as some kind of "reasonable" mistake?

    As another example, beneficiaries are given documents to sign but are asked to provide all previous documents provided along with their returned signatures. Maybe a waste of paper but more to the point it is seemingly overly strict.

    Is this sort of thing in legislation? Or is there a case by case situation in which each executor decides their own standard? Or how much detail should the beneficiaries expect in terms of selling assets - like who bought it, and a list of item by item.

    Asking questions really increases the costs charged by the executor and time spent, so it's hard to directly ask things like this of them without it getting tied up in a lot of expensive "back and forth".

    I'm grateful for any help or pointer in the best direction.
     
  2. Rod

    Rod Well-Known Member

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    What size estate is the executor handling? and is it a complex estate (multiple properties, trusts, companies, etc) Is the executor a lawyer or family/friend?

    Your story is why the choice of executor is very important. The executor has a fair amount of leeway in how they go about finalising the estate and distributing the funds.
     
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  3. Sophea

    Sophea Well-Known Member

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    Matt_v9 likes this.
  4. Matt_v9

    Matt_v9 Active Member

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    Hi Rod and Sophea, thanks for your reply.

    The estate may be around $500,000 but still pending valuation of some assets. The executor is a lawyer, so I have to think everything is above board, but I don't have any experience in this sort of thing. The estate is pretty simple, definitely doesn't deal with companies, etc.

    Thanks, Sophea, for the links. It sounds like they have a *general* responsibility but there is not much in the way of actually making sure their estimates are accurate, or that requirement are reasonable unless it's something very important in which case it could go to court against the executor.

    I will keep reading about this - thank you again.
     

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