Rights of a subsiduary beneficiary of a Will
My late mother passed away in October 2009 leaving my brother as Executor of her Will. I believe that a substantial amount of money may be missing or unaccounted for as she had an insurance payout of approximately £70k in 2006. I have been in touch with the insurance company who have supplied me with detailed information of how the money was paid to her and in which name (it came to light she used a variety of names). I have forwarded this to the solicitor acting on behalf of my brother and therefore should make the task of locating the money much easier. However I have received notification that the Executor does not see it as his duty to trace the money and neither will he allow permission for me to see my late mother's financial history. The question is what Rights as a beneficiary am I entitled to? Can I insist legally that this is traced and accounted for and am I allowed to see her bank statements?
The Executor is not under a
The Executor is not under a duty to investigate financial transactions made by your mother prior to her death unless inheritance tax is likely to payable on her estate.
However the Executor is under a duty to make sure that the estate is properly administered. If you believe that there may be money in another account then the Executor should make appropriate enquiries as to not do so would mean that the beneficiaries are potentially disadvantaged.
You may need to consult a solicitor to put a little pressure on the Executor to make additional enquiries.
You do not have any legal rights to access the bank accounts. However the Executor could do this quite easily simply by asking the various banks to provide copies of the statements going back to 2006. I have previously done this on many occasions on behalf of Executors, generally within an IHT context, and have always found the banks to be relatively forthcoming with the information.
My suggestion would be that you again politely request that the Executor get bank statements going back to 2006 and if he does not consult a solicitor and have him write to the Executor highlighting your concerns.
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Continuation
Many thanks for the reply. Before I proceed to obtain a solicitors letter as I have been asking politely since the summer of last year I would like to point out matters are further complicated by the following which have held up execution over the last couple of years:
Firstly the DWP investigated for possible overpayment of benefit. I am now in receipt of a letter from my brother's solicitor stating the amount of money to be repaid but there is a sentence which states should my brother wish to appeal they would then further investigate numerous large transfers on her account. We are talking about the period when she was receiving various large amounts for an insurance claim which I am requesting are accounted for. My brother has not appealed the claim.
Secondly my uncle (late mother's brother) had a claim which was concluded in November 2011 because he discovered, whilst executing her Will, that when my mother took over the EPA for my grandmother she then used my grandmother's money for her own benefit and did not register it with the Court of Protection.
I have been informed by two reliable sources that it was known my mother liked to 'hide' money so that she could remain in receipt of means tested benefit and that she used an account in my brother's name to do this. He emigrated to Canada some 20 years ago but left my mother with access to use his UK account. I believe therefore that he does not wish to investigate or allow me to see sight of my mother's financial affairs because there has been wrong doing in the past and I would discover the truth. I am aware, as my brother told me at the time, that on the Tuesday after my mother's death and before he left to return to Canada he closed a UK account and transferred money to Canada. He claimed at the time it was an account he had 'forgotten' he had.
My problem is that the reliable sources are not happy to be dragged in to Court and are fearful of my brother's actions should he find out they 'grassed' on him. Does my position still remain the same? I should add that my mother's Will left half to my brother and the other half in a life time Trust for me (I should receive an income from it during my life time) and then on my death the Trust be divided between my surviving children. My brother was named as Trustee for this Trust. Unfortunately the second Executor/Trustee declined to act at the start so presently my brother remains soley in charge but is using a UK solicitor to assist in the execution.
Hi Shelly. I agree with
Hi Shelly. I agree with Gerard's comments and you really do need to consult a Solicitor of your own who will raise all your queries with the Executor and his Solicitors. I feel that you need to continue with this to make sure all your mother's estate is accounted for. After all, your children will ultimately benefit from the Trust. I would also point out that your brother cannot be a Trustee of a Trust on his own. There has to be a minimum of 2 Trustees.
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Thank you
Many thanks for your advice. Unfortunately I don't think I have the financial resources to pursue a complicated legal wrangle. I was hoping that I had some powers in my capacity as a beneficiary.
I have been very impressed with this forum and the level of free advice you offer and have (as of yesterday) instructed your firm to act on our behalf for a house sale.
Once again many thanks.