Inheritance law

[Spandavia]

Hi,

haven't been on for a while although I frequently see LB tweets.

I hope someone can help with this: my daughter was left £1000 by her Grandfather in 2002 when she was 10 years old but she couldn't receive it until she reached 21. Shortly after her birthday this year, she received a cheque for £1024.00. She queried this with the solicitors who sent as as her sister, my oldest daughter, received a cheques for £1222.96 in 2012 when she reached 21. The solicitors said they had made a mistake, over paid my eldest daughter by £100 and my youngest daughter should ask her sister for £100.

I don't know who has a duty of care in this instance. Is it the solicitors or the executors? And does anyone have an obligation to make sure a £1000 inheritance, on hold for over 10 years, makes a reasonable return?

many thanks to anyone who can help.

best wishes
Nikki

[MDfrance]

Re: Inheritance law

Sounds like a cop out, the solicitor made the mistake and should sort it out. Thing is did they put it in writing with a summary of interest received over the period? Did they do the same for the other sister?

On monies held it all depends on what the interest is what type account it was in. Apart from the rates in different accounts many have not been great since 2008 even so there should be a reasonable accumulated return and it should be between £200 to £450. Unless that is the £1000 was tied up in other assets such as property. I do have to ask because what I did as an executor. Upon final liquidation of assets I set up accounts for every under age beneficiary with specific instructions that the funds are not to be released until the specified age outlined in the will. This meant should anything happen to me then the money would still be available to the beneficiary. This meant that the beneficiaries knew exactly what interest was building up in their quarterly statements. It also meant I didn't have to work out a convoluted interest division if the money were in a single account and make an incremental payment afterward.

Your daughters should both write to the solicitor/executor requesting an explanation of how the funds were managed and a breakdown of interest for the preceding 11 years.

Good luck

[Spandavia]

Re: Inheritance law

Sounds like a cop out, the solicitor made the mistake and should sort it out. Thing is did they put it in writing with a summary of interest received over the period? Did they do the same for the other sister?

On monies held it all depends on what the interest is what type account it was in. Apart from the rates in different accounts many have not been great since 2008 even so there should be a reasonable accumulated return and it should be between £200 to £450. Unless that is the £1000 was tied up in other assets such as property. I do have to ask because what I did as an executor. Upon final liquidation of assets I set up accounts for every under age beneficiary with specific instructions that the funds are not to be released until the specified age outlined in the will. This meant should anything happen to me then the money would still be available to the beneficiary. This meant that the beneficiaries knew exactly what interest was building up in their quarterly statements. It also meant I didn't have to work out a convoluted interest division if the money were in a single account and make an incremental payment afterward.

Your daughters should both write to the solicitor/executor requesting an explanation of how the funds were managed and a breakdown of interest for the preceding 11 years.

Good luck

Many thanks for that. One last brief question - is it the executors or the solicitors handling the inheritance who have a duty to make sure the right amount of interest is a) generated and b) paid?

Thanks again

Nikki

[enquirer]

Re: Inheritance law

The solicitors said they had made a mistake, over paid my eldest daughter by £100 and my youngest daughter should ask her sister for £100.

It is for them to ask the sister for the return of the overpayment.

I don't know who has a duty of care in this instance. Is it the solicitors or the executors?

Either or both, depending.

And does anyone have an obligation to make sure a £1000 inheritance, on hold for over 10 years, makes a reasonable return?

Yes. However, what constitutes a 'resonable return' would depend on a variety of factors. Either way, there won't be any one 'right' rate or return.