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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11554
Experience:  30 years as a practising solicitor.
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I am the executor (not a beneficiary)of a deceased cousin's

Customer Question

I am the executor (not a beneficiary)of a deceased cousin's will, She left 1/6 of her estate divided between three charities, 5/6 to 5 members of my family. It is now nearing the time when IHT has to be paid on the estate. The liquid assets to raise the sum to pay this are mostly in stocks and shares. Do the executors have to get permission from the three charities and the other beneficiaires to go ahead and do this?
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
Thank you for your question.
The executor never has to get permission from the beneficiaries to do anything. You are responsible for winding up the estate and that includes paying IHT. If you have to liquidate assets to do so then you do so. You don't need permission. You may consult with the beneficiaries if you wish to do in the event that any members of the family would like to have some of the shares transferred as opposed to cash but the ultimate decision is yours as long as you act in a way as will maximise the estate for the beneficiaries.
The debts are a first charge on the estate however.
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Customer: replied 1 year ago.
Thank youCustomer
Expert:  JGM replied 1 year ago.
You're welcome.