Grant of Probate & Power of Attorney
Submitted by radiogaga on Thu, 02/02/2012 - 22:12
If one of four children has been given power of attorney over a terminally ill mother's estate, and that same child is also a named executor, following death can the assets be gathered and distributed without obtaining a grant of probate or without the other three executors seeing nothing more than a DIY Excel Spreadsheet?
Regards,
Rick
If any individual assets are
If any individual's assets are over £5,000.00 a Grant of Probate will need to be obtained. All Executors will have to make the application and therefore no assets with a value of over £5,000.00 can be disposed of without all Executors being involved.
If the assets are under £5,000.00 some banks and building societies will release funds to one Executor if they sign a statutory declaration. In theory and depending on the bank it may be possible for one Executor to close bank accounts etc if the value is less than £5,000.00.
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Thank you very much. How
Thank you very much.
How would the other executors know if any of the individuals bank accounts/policies etc. were over £5,000.00? In this situation two of the executors were shown nothing.
I suspect all bank accounts/policies were closed by the person with power of attorney before the death of the individual and the monies acquired/assumed. Does this sound plausible?
Regards,
Rick
Thank you very much. How
Thank you very much.
How would the other executors know if any of the individuals bank accounts/policies etc. were over £5,000.00? In this situation two of the executors were shown nothing.
I suspect all bank accounts/policies were closed by the person with power of attorney before the death of the individual and the monies acquired/assumed. Does this sound plausible?
Regards,
Rick