Estate Planning

Can you sue an executor? We have written about the importance of Wills. How everyone should have  a Will, to make sure that their assets go to the right people, etc. Have you ever wondered what happens when a disgruntled beneficiary decides to sue the executor of a Will? Is it to get a larger amount of money from a deceased person’s estate? Is it because they felt slighted by an executor? 

The executor is in charge of managing someone’s estate when the person in question passes on. This is listed in the deceased’s Last Will and Testament. The deceased person’s estate and assets are dispersed to the beneficiaries of the Last Will. There are rights that executors have when it comes to dispersing assets, including the right to collect a fee for their time and effort. This is all depending on where you live and what the laws are. Beneficiaries, on the other hand, have the right to request that an executor (for whatever reason) step down from their role, and upon request, receive updated information on the deceased’s estate, including information on the financial details of what was left behind. Again, this is dependent upon where you live. 

If a beneficiary feels that the executor is misappropriating funds from the estate, then the beneficiary may try to sue the executor, who is supposed to act in the best interests of the deceased’s estate. To sue an executor would mean a lot of paperwork and evidence of misappropriating funds. This would include the following: Failure to provide the proper financial statements regarding the estate when asked, delaying the dispersing of the assets without any proper reasoning provided, supposedly favouring one beneficiary over the other, not properly managing the estate, using the assets in the estate to make extremely risky investments, and an executor pretty much failing to meet the legal and financial obligations of his/her position. 

All of these can be grounds for the potential to sue an executor. You can read more, here.

Prince Andrew, a member of the royal family from the U.K., was left “devastated” after learning that he’s not receiving a penny of his late mother’s inheritance. Queen Elizabeth’s estate, valued at 650 million pounds, is passing directly  into the hands of King Charles. Prince Andrew has bemoaned this state of affairs to his friends, lamenting that he has no money leftover to fund his lifestyle in the manner he is accustomed to.

The Queen passed the money from “monarch” to “monarch” as a “tax efficient” way to transfer her inheritance. A source for the royal family flat out denied any wrongdoing on the part of the royal family: “All of the members of the Royal family have had provisions made for them already.” Additionally, the King has been reportedly taking “cost efficient” measures in an effort to save the Royal Family some funds. This includes stopping payments for Prince Andrew’s annual 249,000 pound allowance, as well as eliminating payments for some of his other expenses. A friend of Andrew’s lamented: “What’s he meant to do? Go cap in hand to his older brother to keep a roof over his head? Things are going from bad to worse. It’s a disaster.” One would think that the Prince would have enough money to survive on his own, given the vast network of resources and connections at his hands.

All of this comes at a time of serious  allegations made against Prince Andrew for sexual assault. That may be why Andrew’s accommodation at Buckingham palace was rescinded. He may even lose access to his current place of residence, Royal Lodge. Living in the Lodge would cost a whopping (annual) 30 million in pounds. Andrew’s other request for an “Indian Healer” (valued at 32,000 pounds) to be paid off, was also rejected by the Royal family. 

It is not only Andrew who is apparently devasted by the news; two of his siblings, Princess Anne, 72, and Prince Edward, 59, are also feeling “resentful” for not inheriting anything. In the U.K., there are many families currently struggling to make ends meet, which is exacerbated due to the rising cost of inflation. Many families have no doubt had to “buckle down” and save as much as possible. Given the vast wealth of resources and connections that these three have at their disposal, can they not do the same? 

Unfortunately, the trio may find very little in the way of sympathy for their “plight” among the U.K. population. You can read more about the inheritance issue, here. 

Have you completed your Last Will yet? If not, what are you waiting for? 

That is the message we have often repeated to our readers: the importance of a Will is necessary to keep your inheritance from going to the wrong people. We have written about the issue of  Intestacy. Intestacy occurs when no Will is left behind and the courts, or the provincial/territorial authorities, or another entity altogether, takes control of one’s estate. This has already happened with Amy Winehouse’s estate, as well as countless others. 

The reasons for not having a Will are usually twofold: 1) Young people feel as though they are too young to have a Will done (and probably feel as though they are lacking in assets), and 2) It’s considered expensive to get a Will done (there is a persistent belief that one needs a lawyer to help draw out a Will). This is how one’s legacy is lost: by not having a Last Will and Testament. 

If people were to dig a little deeper, there are always some type of assets people have: even if comes to things like phones or laptops. Perhaps the clothing you own is worth something? There are always things of value that you can find if you look hard enough, which is why a Will is always necessary. Obviously, the necessity for a Will increases as you get older and have children, but it’s something that people in their 20’s and early 30’s should also think about. You want to keep your legacy going! 

The fact that many younger people have more of a precarious economy to deal with, shouldn’t be the catalyst as to the reason as to why you put your Will off. Everyone should have a Will. You can read more about the reasons as to why people put off a Will here: The Angus-Reid poll on why Canadians don’t have a Will.