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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10603
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I am the named sole executor for my stepfathers estate. The

Customer Question

I am the named sole executor for my stepfathers estate. The will was made out in 1989.
Listed in the will are the assets held including insurances and bank accounts at that time.
One of the insurance policies was anotated "executors money"and the sum was specified. Due to the lapse of time the policy has matured and now forms part of the estate.
Am I, as executor allowed this money from the estate ?
Submitted: 4 years ago.
Category: Law
Expert:  Aston Lawyer replied 4 years ago.

Hi there,

 

Thanks for your enquiry.

 

Just so I am 100% clear, are you saying that this insurance policy matured during your stepfather's lifetime and the proceeds paid out to him?

 

Also, what exactly do you mean when you say it was annotated "executors money"? Is this what the Will says?

 

I look forward to hearing from you.

 

AL

Customer: replied 4 years ago.

Yes, the policy matured during his lifetime and proceeds paid out to him.


Listed at the end of the will is a schedule of assets and liabilities. One of the assets is an endowment policy with the words "for executors" (in brackets) and a sum of money, which I presume to be the final value of the policy

Expert:  Aston Lawyer replied 4 years ago.

 

Hi again,

 

Thanks for your reply.

 

I'm afraid that as the policy matured and was paid out during your Stepfather's lifetime, then as at the date of death, which is when the Will comes into force, the policy "no longer exists" and hence you won't be able to claim the proceeds of the policy.

 

Instead, the proceeds will form part of his residuary Estate.

 

I'm sorry this is not the answer you were looking for.

 

If I have assisted, I would be grateful if you could leave positive feedback.

 

Kind Regards

AL

Customer: replied 4 years ago.

Thanks anyway. Just wanted to be sure before dividing monies to beneficiaries.

Expert:  Aston Lawyer replied 4 years ago.

 

Thanks.

 

Best Wishes

AL