Think these usually end up in GD: Paying out on a will.

Soldato
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Accepted the usual "not a legal expert" type disclaimers will apply.

I've been the executor of a family members estate. Have the remaining proceeds sat in a separate account. I assume a cheque works better in these cases? Is there anything specific I'd be expected to do regarding paying out?

I've done the estate accounts, have it all laid out as to who gets what. Do I just pay up or is there a legal thing I need to do to declare monies paid?
 
Soldato
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It's below IT threshold. The bit I'm at is *literally* just giving ppl the monies owed from the estate. Just... don't know if there's something formal needed on this last step, everything else is done/covered/declared/etc. IHT already paid (none).
 
Soldato
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Cheque or bank transfer is fine. I assume you have already completed the IHT forms so the inland revenue have agreed nothing is coming their way and all outstanding debts on the estate have been paid ?

I believe the beneficiaries have a right to see the accounts of the estate, so it's worth scanning any paper correspondence.

You are liable for 6 years if anything does come crawling out the woodwork, but for an estate under the IHT threshold it's pretty unlikely.
 
Soldato
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I would personally do a bank transfer. Tell them you require their bank details by text message or email and to at least double check that the details are correct before submitting them to you. That way you don't need to deal with illegible handwriting and you have placed the onus on them to check their bank details.
 
Soldato
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I was executor of my father's estate. All funds sent to beneficiaries via bank transfer. As long as you've documented the process just file everything away should any questions be asked at a later date. For most it really isn't a complicated process and there's a lot of rubbish spouted by people with zero experience.
 
Soldato
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I would personally do a bank transfer. Tell them you require their bank details by text message or email and to at least double check that the details are correct before submitting them to you. That way you don't need to deal with illegible handwriting and you have placed the onus on them to check their bank details.

Not worth the nightmare if there is a mistake.
 
Soldato
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I was executor of my father's estate. All funds sent to beneficiaries via bank transfer. As long as you've documented the process just file everything away should any questions be asked at a later date. For most it really isn't a complicated process and there's a lot of rubbish spouted by people with zero experience.


Cheque or bank transfer is fine. I assume you have already completed the IHT forms so the inland revenue have agreed nothing is coming their way and all outstanding debts on the estate have been paid ?

I believe the beneficiaries have a right to see the accounts of the estate, so it's worth scanning any paper correspondence.

You are liable for 6 years if anything does come crawling out the woodwork, but for an estate under the IHT threshold it's pretty unlikely.

I would personally do a bank transfer. Tell them you require their bank details by text message or email and to at least double check that the details are correct before submitting them to you. That way you don't need to deal with illegible handwriting and you have placed the onus on them to check their bank details.

Cheers guys, that's more or less where I was at. I'll sort out the bank xfer like that tbh, leave the replies to it in gmail, print screen the sending/account and print it and stick it with all the other stuff I've got spooled up and saved (final accounts, etc)


3rd time of saying for other replies. Yes, IHT2005 (or whatever the form is to alert HMRC) was done. Account are done. It's done. All that side is done. Finished. Complete. Not needing to be done more. Finalised. Was just the above point of "do I need to declare when finally paying up" that I needed covering. Reading comprehension folks :)


All covered now, cheers for input ppls :)
 
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