My FIL passed away very suddenly at the weekend. The Will shows my husband as an Executor and a Beneficiary of the will, currently he is at Month 50 of an IVA.
I need to get answers to two points really...
1 Can he open a new bank account with the other executor to execute the collection and dispensing of moneys. Is the bank likely to let him. Other executor is not in an IVA.
2. Can he decide not to accept the inheritance and instead pass it over to our daughter (the grand-daughter). This would then be a nice nest egg for when she goes to university.
Like with most of our parents as they reach a certain age they talk lots about 'when I go' and my FIL was no exception. He regularly told my husband he wanted him to get the best out of the estate he could. The house is not worth much because it is in dire need of repair and the shares will only bring in a small portion. Inc my husband there are 5 beneficiaries in total.
Thank you in advance, I realise that your opinions are that and we likely will only get real answers from the IP, but as we are one of those dreaded transfers, I can do without yet another problem at the moment. I did do a search on here before posting these questions and TBH nothing really answered my questions, hence the registering and posting.
I'm sure an expert will be along soon, but in the meantime I'll offer my opinion...
1) I can't see that there would be a problem opening an executors bank account - I don't know why this type of account would require credit checking?
2)Interesting question, and one that I've thought about before. My gut feeling is that as the refusal of bequests probably isn't specifically forbidden by the terms of an IVA then doing this should be ok, - I'm not even sure how your IP would ever find out?
However, I know that in other situations it isn't allowed. i.e. a benefit claimant can't take action to avoid inheriting because of the negative effect it would have on their claim for means tested benefit - in this case, if caught they would be treated as if they had inherited the money.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
There should be no problem with the bank account but it may be best to advise the bank and the other executor.
Unfortunately your husband cannot refuse the bequest nor sign a deed of variation but he must inform his IP once he 'becomes aware' of the windfall even if he has not received the money. However check the will because if the FiL worded it correctly then the funds could bypass your husband or be held on trust. A solicitor can advise on this.
As executor your husband will be allowed expenses from the estate so he should make sure he gets at least his costs out if he is going to lose his bequest.
Sorry this is not much of a help but I would also recommend he takes legal advice.
thank you Michael he is doing. He's also decided not to be an executor and leave it to the other person. It looks like its the best option. thank you everyone
