Latest news with #executor
Irish Times
5 days ago
- General
- Irish Times
Who should I appoint as an executor in my will?
May I have your advice in regard to appointing an executor to my will. I was thinking of asking my solicitor and one of my nephews to make sure my wishes are carried out. I have no children and only two brothers who are just younger than I and two nephews who will be the beneficiaries. My solicitor has agreed when I was altering my will a couple of years ago and I am now in the position to make some update and make some alterations. Mr M.W. READ MORE It sounds easy, doesn't it, appointing an executor in your will. It's just a name of someone to oversee the process. Except it is not. First of all, the process is legal and that requires precision and organisation. If your estate is complex then that is even more so the case. Get things wrong and the wrong people can get the wrong inheritance or the whole estate can get tied up in legal red tape for years. Not everyone is cut out to be an executor. Many people think the whole process is too stressful for them or they are concerned that they will find themselves out of their depth. Then there is the age factor. We all have close friends or family who we would trust in the role, but if they are close to us in age then it may well be that by the time we die they will be too frail themselves to undertake the role. All of that is why you should take two important steps before redrawing your will. First, think carefully about who among your family and friends you trust to act responsibly, yet empathetically, in the role. Wills by their nature become an issue at times when families are grieving and emotions can be raw. Being organised is all well and good, but if an executor is seen as brusque or unapproachable then it can create more problems than you, your beneficiaries or the executor themselves would wish. Second, when you settle on a name, make a point of checking with them that they are happy to act in the role. You'd be surprised how many people are not comfortable doing so. Anyone can renounce the role – i.e, step away from it. When a person dies, the executor to their will has to accept or renounce the role. They can also reserve their position which means stepping away for the time being with the possibility to becoming active again further down the process. An executor looking to avoid engaging in the role must do so before your formal appointment and before probate. They need to sign a written renunciation witnessed by people who are neither family nor mentioned in the will. That is why many people choose to name more than one executor and, more often than not, ensure that one of them is their solicitor. Given the legal element to the work of getting an estate through probate and distributed to beneficiaries, there is a lot of sense in having someone on board who is familiar with the legal processes involved. Having said that, for most ordinary estates, a lay executor should be well able to manage even if they need to consult a solicitor at some point in the process. It really is a matter of what you are comfortable with. In your case, you have no immediate family and your brothers, as you note, are not much younger than yourself, which makes their appointment impractical at this stage. You could certainly ask one of your nephews, but the important thing is not to appoint someone simply because they are family. If you think one or other of the nephews would be a good fit for the role then that is fine. If you are not sure then maybe think again. The fact that they will be beneficiaries in the will does not in any way disbar them from acting as executors. Most people appoint close family and/or solicitors, so it is more or less inevitable that most executors will also be beneficiaries of a will. And bear in mind that while it is good to have two executors – if, for nothing else, to ensure a backup if one takes ill, emigrates or whatever – it is not obligatory. Your solicitor can certainly carry out the role themselves. In that event, however, you want to make sure that the will is worded so that a backup from the law firm is available if anything happens to your solicitor before you die. As your solicitor has clearly advised, if you are amending the will anyway – and paying to do so – then that is clearly the time to update your executors. One final point: some people stress themselves out hugely about replacing executors in their wills – either because the original executors have become frail, or are likely to do so, or because subsequent events have given pause for thought on their suitability for the role. Don't worry. I have yet to come across anyone who was miffed about not having to act as executor. For most people, it was agreed as a favour for a family member or friend. Having the potential burden lifted is a relief. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or by email to with a contact phone number. This column is a reader service and is not intended to replace professional advice
Yahoo
7 days ago
- Business
- Yahoo
‘I'm 68 and my 401(k) has dwindled to $82,000': My husband committed financial infidelity and has $50,000 in credit-card debt. What now?
Without going into details of my spouse's financial infidelity, I would like your opinion. Here is the bottom line. I'm 68 and my 401(k) has dwindled to $82,000. I have $3,000 in gold and Social Security income for me and my spouse totals $46,180 a year. Our home is paid off and the estimated value is somewhere between $600,000 and $1 million. We live in a vacation area. Many out-of-state folks have moved in and the price of even a tiny home is outrageous right now. Yearly land taxes at $5,000. Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make. I'm in my 80s and have 2 kids. How do I choose between them to be my executor? These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector 'I'm 68 and my 401(k) has dwindled to $82,000': My husband committed financial infidelity and has $50,000 in credit-card debt. What now? 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. Our adult children owe us a total of $90,000 and are attempting monthly payments of various amounts. My spouse has $50,000 in credit-card debt. I abhor any debt. What is the smartest way to pay off this debt? Feeling Desperate Related: My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? Financial infidelity — keeping secrets like excessive spending a secret — can be as damaging as more traditional infidelity. Your children could pay off your credit-card debt, almost twice over, if they were able to stick to a payment plan. But lending money to people — children, friends, neighbors, relatives — who have gotten themselves into the red won't necessarily solve their problem. It will merely create a problem for more parties: the lender, who wonders why the money was never repaid in a years-long game of cat-and-mouse, and the borrower, who has added creditor to their list. The smartest way to pay off your debt is to write all your expenses in one column and your income in another and create your own personal Department of Good Housekeeping. Slash and burn and pay off that $50,000 at all costs. Your husband should also prioritize his credit-card debt before you do anything — including eating out, going to the movies or the theatre, buying new sneakers (even if they're on sale), or taking a vacation. You don't mention the cause of your husband's financial infidelity, but unless you deal with this first and foremost, the chances of it happening again are high and/or probable. If he has a gambling problem or a substance misuse issue, for instance, it won't go away even if you do pay off the debt. Paying off the debt could even provide him with a new impetus to repeat the errors of the past. If this $50,000 debt was news to you, this is a separate problem. That said, your priority is to pay off your debt on a regular basis, automating those payments, with a medium- to long-term goal of getting back on track. The National Foundation for Credit Counseling is a nonprofit organization that can help you and your husband put together a budget and a realistic plan to pay off your debt. The American Consumer Credit Counseling is another nonprofit organization that helps people in your situation. Don't miss: 'I have committed financial infidelity': I racked up $50,000 in debt to help my troubled son — and have not told my husband. How do I get out of this mess? You could also attempt to renegotiate the debt with the credit-card companies. 'Call your credit-card company and ask to speak with the debt-settlement, loss-mitigation or hardship department,' advises. 'A general customer-service representative won't have the authority to approve your request. Once you're connected with someone who has the ability to negotiate with you, explain your situation and make your offer. Be polite but firm.' 'Outline your terms,' Bankrate says. 'If you're considering filing bankruptcy or hiring a professional to help you with your debt, let the card issuer know and mention that you'd rather work things out directly. At this point, be prepared for the card issuer to potentially freeze your credit limit or close your account.' Beware of for-profit debt-settlement companies, which frequently end up costing you more money for a less-than-satisfactory outcome. There are two main methods of paying off debt: the snowball method (paying off the card with the lowest amount on it first) and the avalanche method (paying off the debt with the highest interest rate first). The first is a way to help motivate people to get out of the red, but paying down the highest rate first makes the most sense to me. Your decision is whether these payments come out of your husband's income or joint funds. Looking ahead, you are sitting on a lot of equity, so you have another choice to make: Do you take this moment to review your finances, downsize, pay off your husband's credit-card debt and provide yourself with a cash cushion in more modest surroundings? Can you trust your husband with a cash cushion in a joint account? My biggest concern for you is that, after you pay off this debt, your husband will repeat the mistakes of the past. Related: I have $1,000 in credit-card debt. Will I be able to hide my inheritance from the bank? I met a friend for lunch. When the check arrived, she said, 'Thank you so much for paying!' Was I taken for a fool? 'I once felt that I had nothing and I was nothing': I had a secret $8,000 debt that I was afraid to reveal to my boyfriend, but I turned my life around My father died, leaving everything to my 90-year-old stepmother. Do I have a right to ask her if I'm in her will? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell? My husband is in hospice care. Friends say his children are lining up for his money. What can I do? 'I'm not wildly wealthy, but I've done well': I'm 79 and have $3 million in assets. Should I set up 529 plans for my grandkids? My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? Why bonds aren't acting like a safe haven for investors amid the Israel-Iran conflict
Telegraph
03-06-2025
- Business
- Telegraph
What is probate of will and how it works
Understanding what probate of will entails is crucial when dealing and distributing someone's assets when they die, but it can be a complex and complicated process. In this guide, we will aim to demystify the topic of probate, and provide you with what you need to know to navigate its intricacies with confidence. We will cover the following: What is probate? When is it needed? The probate process: A step-by-step guide Common probate challenges and how to overcome them FAQs What is probate of will? Probate, specifically probate of will, is the legal process of managing a deceased person's estate, typically by named executors. This includes: Handling assets Paying any outstanding debts Ensuring that beneficiaries receive their inheritance Before any inheritance may be passed on, probate ensures that all financial and legal obligations are met. In order to meet these requirements, executors are granted access to the deceased's bank accounts, investments and even property. Who are the key players in probate? There are several different stakeholders involved in the probate process and it can be confusing without an understanding of them. The most important roles are: Executor: the person or persons named in the will to manage the estate. Executors are responsible for collecting and distributing the deceased's assets, completing any legal documentation and paying off outstanding debts. Administrator: in the event of no will (known as 'intestacy') or the executors being unwilling to act, the court appoints an administrator to manage the deceased's estate. Beneficiaries: those people or organisations in line to inherit from the estate. Probate registry: the UK government office that processes probate applications. HMRC: responsible for collecting any inheritance tax. When is probate of will needed? Probate of will is required when dealing with a deceased person's major financial assets. In many cases, you won't be able to take charge of and distribute assets of significant value until you have a 'grant of probate' – so it is a very important task for executors, and can be a lengthy process. Financial companies and institutions will typically freeze accounts once a person dies, and you will need probate to access assets such as savings and investments or to be able to sell their home. Banks, investment firms and the Land Registry usually require legal proof before releasing funds or transferring ownership. Some banks may pay out small sums without the need for probate, ranging from £5,000 to £50,000, depending on the provider, but you will need other documentation, such as a death certificate, to access this money. If the deceased had no property and an estate worth less than £10,000, you may be able to avoid the stress of getting a grant, but the vast majority of executors do require one. If the deceased owned property solely in their name, probate is usually required. However, if most assets were jointly owned, probate may not be necessary due to ownership transferring directly to the surviving joint owner. What is a grant of probate? A grant of probate is the legal document that you will receive once you have been given authority to access and distribute a deceased person's assets. It is not a quick process. There have been reports of widespread delays with the probate system due to staff shortages and a shift to remote working. This has left some families having to wait months longer to gain control of their late loved one's finances, which can make it harder to pay inheritance tax bills, funeral costs and to sell a property. The probate process: A step-by-step guide Applying for probate of will can be overwhelming; however, following the steps below should make the process less stressful and time-consuming. There are seven steps you'll need to go through: Register the death Find the will Arrange the funeral Contact official organisations and financial providers Value the estate Apply for probate Pay inheritance tax 1. Register the death A death needs to be registered within five working days in most of Britain (eight in Scotland). Once this is done you will receive a copy of the death certificate. Make sure you order multiple copies as financial institutions will require one when you register the death with them and there could be lots of accounts to access. Each copy will cost you £12.50 in England and Wales. Confusingly, banks will sometimes ask for an 'original certificate', but this just means a certified copy. You can order more at a later date if needed. 2. Find the will The will should name an executor – the person responsible for dealing with the finances. If there is no will, then you will need to apply for Letters of Administration. This process is virtually identical to applying for probate in all but name, but can take longer. Once you have the will you should notify all the beneficiaries and place a notice in the Gazette, the official public record, asking potential creditors to come forward. This may sound excessive, but it is necessary to show you have carried out your legal duties as executor. Joe Cobb, of the law firm JMW Solicitors, said: 'Should the executor fail to take the correct measures in identifying the potential creditors and then one comes forward after the assets have been distributed, the creditor may pursue the beneficiaries for the outstanding amount.' 3. Arrange the funeral The deceased may have left instructions for their funeral in their will. Funeral costs are notoriously varied, but on average you should expect to spend £4,285 on a 'simple' attended service, according to the insurer SunLife. Luckily, some banks will pay out funeral expenses before probate is granted. If not, you can later recover the fees from the estate. Simon Hancox, of estate planning service Kings Court Trust, said: 'Executors or administrators can be reimbursed for reasonable expenses from the estate, which could include probate registry fees, funeral expenses, property maintenance, postage costs, the cost of death certificates, property insurance costs, clearance costs, valuation fees and so on.' 4. Contact official organisations and financial providers Government departments such as HM Revenue & Customs and the Department for Work and Pensions will need to know about someone's death to resolve tax or benefit issues. But you don't need to wait for hours on hold. You can use the Tell Us Once service to register the death with the various government departments in one go. You should also contact the banks, pension providers, investment firms and other companies the deceased held funds with. If the deceased held accounts with any of the following firms, then you can use the Death Notification Service to make things easier for yourself by notifying multiple organisations at once:
Irish Times
03-06-2025
- Business
- Irish Times
Must I go to probate over dead relative's small holding of shares?
A relative of mine, who died some years ago, named me in their will as sole executor and, in that capacity, I have dealt fully and properly with her estate, with the exception of one small matter: the deceased had a small holding of shares (valued today at about €3,000), of which I only became aware recently. These shares are in the sole name of the deceased. Must grant of probate be applied for before they can be dealt with? Mr N. B. Being an executor is a more challenging role than many people expect and that is why you would like to think people ask whether others are happy to act in that capacity before putting their names down in their wills. READ MORE Of course, it is possible to renounce executorship, but most of us are reluctant to do so, not least as the deceased has placed their trust in us and it seems wrong to simply walk away – although that is very much what someone should do if they feel the role is beyond them. It is also why many people will nominate their solicitor to act alongside a friend or family member in the role. One of the big challenges for an executor is pulling together all the threads of a person's financial life – assets and debts – before (generally) seeking probate and then distributing any remaining assets to those named in their will. As you have discovered, it can be very difficult to track down all the strands of a person's life. We all know we should keep file or, even notes alongside our wills on assets and where they are, but we never do. You are far from the first person to be surprised by a long-forgotten asset. Probate is generally required and most often this is done by a solicitor on behalf of the executor, though it is possible in the case of very straightforward estates for an executor to make a personal application. There are some limited exceptions when you can bypass probate. This includes where the assets are jointly owned by spouses – such as the family home or bank accounts – and are transferring to the surviving spouse under what is called survivorship. In practical terms, this means these do not even form part of the estate and therefore probate is irrelevant. If the only asset in an estate is money amounting to less than €20,000 in an account that is just in the dead person's name then most banks will have procedures in place allowing it to be transferred without going through probate. There is also a process called the Small Estates Procedure for the management of estates that are, in total, worth less than €25,000. However, my understanding is that where the estate includes shares in a listed company, probate will be required. If you secured probate for the rest of the estate, you will need to inform them of this late-discovered asset and you will inevitably be required to file an updated listed of assets and debts. If you did not have to go the probate route the first time, these shares will now require it, as I understand. And that means the whole estate has to go to probate. It might well be something you require legal assistance with. Ironically, that could easily wipe out the value of these shares. The relevant value for probate, obviously, is not their current value, but the value at the time the person died. For anyone else going through an estate, it is always an idea to examine bank statements closely as this is where you might get a clue to the existence of shares through dividend payments – assuming the shares pay a dividend. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street Dublin 2, or by email to with a contact phone number. This column is a reader service and is not intended to replace professional advice
Daily Mail
31-05-2025
- General
- Daily Mail
FLOURISHING AFTER 50: Dad had a secret daughter for 49 years - now she's taking a share of everything including our family home
Dear Vanessa, I'm still reeling. My father died a few months ago at 82. We had a beautiful funeral - just as he would have wanted - and my siblings and I felt proud of the farewell we gave him. Then, everything changed. We were called in by the executor to discuss the will. That's when we were told there's a fourth beneficiary: a woman none of us knew. She's 49 years old, and she's our half-sister. It turns out Dad had an affair during his marriage to our mum, and this woman is the result. We had absolutely no idea. Mum passed away 10 years ago, and as far as we know, she never knew either. I can't stop thinking about how betrayed she would have felt. To make things worse, this half-sister has been left an equal share of Dad's estate. That includes part of the family home we grew up in - a place we assumed would stay in the family. She's now reached out and says she wants to connect. She's being polite, even gentle, but I feel completely torn. My brother is furious and wants to challenge the will. My sister doesn't want to talk about it at all. And I'm somewhere in between. I feel heartbroken, confused, protective of Mum's memory, and weirdly curious about this woman who shares our DNA. I don't know what to do. Do I fight? Do I accept her? And how do I stop this from changing the way I remember my dad? Blindsided Daughter. Dear Blindsided Daughter, What a devastating thing to uncover - and at the worst possible time. You've lost your father, and now you're mourning not just his death, but the version of him you thought you knew. Finding out about a secret sibling after a parent dies shakes your identity to the core. It's betrayal layered with grief and I can feel how much you're carrying. The anger, the confusion, the need to protect your mum's memory… all of it is valid. And yet, as hard as it is to accept, your half-sister didn't ask to be born into this. She had no control over what happened back then and may have lived her whole life wondering where she came from. Her timing might feel intrusive, but her existence doesn't erase your place in the family. It just complicates it, painfully. From a legal standpoint, if your father left a valid will and was of sound mind when he signed it, you may not be able to contest it successfully - especially if this woman has a legal claim as his biological child. But it's worth getting advice from an estate lawyer in your area before making any decisions. If you're unsure where to start, I offer a free referral service that can connect you with financial advisers and estate professionals who handle situations just like this. Emotionally, though? That's a different story. You get to choose how this unfolds. You don't have to welcome her with open arms. But you also don't need to turn this into a battle that leaves you more broken than the situation already has. This isn't just about the money - it's about legacy, fairness, and the stories we tell ourselves about our families. I believe having honest conversations about these things, even the hardest ones, is the only way to find peace. If the emotions become too tangled to talk through with others, try writing your dad a letter he'll never read. Say everything - the love, the pain, the betrayal. It's not about him hearing it. It's about you letting it go. You've been hit with a truth you didn't ask for. But how you move forward from here - that part is entirely yours to shape. Wishing you the best, Vanessa.
