Quizzes & Puzzles27 mins ago
Will Readings
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Is there an average time after death when a will is read out? Mrs Myriad thinks that it happens quite quickly these days but I suspect it's probably a good few months.
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Reading of the Will is something only ever seen in films. It simply does not happen.
If you think you are a beneficiary and want to know, you can enter a standing search at the Probate Registry. That way the PR will notify you when Probate is granted (if, indeed probate is needed) and then you can obtain a copy.
If you think you are a beneficiary and want to know, you can enter a standing search at the Probate Registry. That way the PR will notify you when Probate is granted (if, indeed probate is needed) and then you can obtain a copy.
An executor is the person who is appointed to collect, get in and administer the estate.
A "reading of the Will" is where the solicitor calls all the beneficiaries together to his office and "reads it out". This only happens in Agatha Christie movies.
The person who is appointed as executor obtains the Will, then they write to all asset holders and creditors and ascertain the value of the estate. ONce the value of the estate is established, they apply for a Grant of Probate. Once that is done the executor can set about collecting in the assets and paying the debts and taxes. Once everyone has been paid, what is left is dished out to the beneficiaries in accordance with the Will.
A "reading of the Will" is where the solicitor calls all the beneficiaries together to his office and "reads it out". This only happens in Agatha Christie movies.
The person who is appointed as executor obtains the Will, then they write to all asset holders and creditors and ascertain the value of the estate. ONce the value of the estate is established, they apply for a Grant of Probate. Once that is done the executor can set about collecting in the assets and paying the debts and taxes. Once everyone has been paid, what is left is dished out to the beneficiaries in accordance with the Will.
Sandy/Barmaid, I was invited to my Father's solicitor's office for the reading of the will.
I had up until then no idea of its contents, the solicitor was the executor I was the primary beneficiary and had to assis t with locating other minor beneficiaries.
Like I said, I was speaking from my experience and should probably have left the question to those qualified to answer.
I had up until then no idea of its contents, the solicitor was the executor I was the primary beneficiary and had to assis t with locating other minor beneficiaries.
Like I said, I was speaking from my experience and should probably have left the question to those qualified to answer.
It wasn't really a "reading" of the Will, Eccles and it could have been done by correspondence. Fact is, the executor wanted some information off you. Still I suppose the executor got to charge for a half hour appointment rather than a 6 minute letter........ ;)
There is no formal procedure on "Will readings".
There is no formal procedure on "Will readings".
Yes there is nothing to prevent a solicitor (or other executor) "reading" the will to those expecting to benefit. But similarly there is nothing which says it must be done. The critical task is as Barmaid has outlined.
Outside of fiction there really is no need for a will to be read out. Once a person is deceased their Will becomes a public document and anybody can view its contents.
Outside of fiction there really is no need for a will to be read out. Once a person is deceased their Will becomes a public document and anybody can view its contents.
>>Why is the point of having an executor then?
My sister has just been the executor of my mother's will, and it was a lot of work.
I admit the estate was about £800,000, and there was a house to be sold so it may sometimes be easier than that.
But she had to contact all the banks and other financial institutions to find out where all my mothers accounts were and how much was in them.
She had to contact all the service providers to the house (Gas, Electricity, Phone, Sky etc etc) and get the final bills and find out if there was money owing (or if they owed my mother money).
She had to pay any outstanding bills.
She had to deal with the probate office, the inheritance tax people, the income tax people, the estate agent for the house sale, and the solicitor for both the will and the house sale.
She had to sort out if there were any Captial Gains Tax to be paid on the house sale (it was sold for more than the estate agent value).
She had to find out if my mother had made any "gifts" that may have incurred a tax liability.
She was also responsible for "clearing the house" and making sure all the family got what they wanted and what they had been promised (and getting rid of anything nobody else wanted).
And she was responsible for paying out the money to any beneficaries in the will.
My mother died in February this year (2012) and it still has not all been sorted out yet.
My sister has just been the executor of my mother's will, and it was a lot of work.
I admit the estate was about £800,000, and there was a house to be sold so it may sometimes be easier than that.
But she had to contact all the banks and other financial institutions to find out where all my mothers accounts were and how much was in them.
She had to contact all the service providers to the house (Gas, Electricity, Phone, Sky etc etc) and get the final bills and find out if there was money owing (or if they owed my mother money).
She had to pay any outstanding bills.
She had to deal with the probate office, the inheritance tax people, the income tax people, the estate agent for the house sale, and the solicitor for both the will and the house sale.
She had to sort out if there were any Captial Gains Tax to be paid on the house sale (it was sold for more than the estate agent value).
She had to find out if my mother had made any "gifts" that may have incurred a tax liability.
She was also responsible for "clearing the house" and making sure all the family got what they wanted and what they had been promised (and getting rid of anything nobody else wanted).
And she was responsible for paying out the money to any beneficaries in the will.
My mother died in February this year (2012) and it still has not all been sorted out yet.
I've been executor of three wills and Mrs McM two. Following the death we have always given copies of will to beneficiaries and also advised them whether probate is necessary. We have also kept the beneficiaries updated on likely distribution of bequests given that property and other assets may have to be disposed.
Well McMouse you are doing it like it ought to be done.
Myriad - there is no "probate" threshold so to speak. Many banks and building societies will release funds to the named executor if the estate is below £15,000 under the Administration of Estates (Small Payments) Act 1965. However, if there is a shareholding or any real property that passes under the Will a Grant of Probate will be required.
Myriad - there is no "probate" threshold so to speak. Many banks and building societies will release funds to the named executor if the estate is below £15,000 under the Administration of Estates (Small Payments) Act 1965. However, if there is a shareholding or any real property that passes under the Will a Grant of Probate will be required.
Barmaid has summed up the probate business. However it gets a bit sticky when you send copy wills to people and then discover that there is no estate only debts. It's all the more galling when you have all the executor expenses and no hope of recovery. Happened to me when father of ex-wife popped his clogs when visiting us some 30 years ado. He even owed finance on his car which was repossessed even though he had bequeathed it to a nephew.
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