The Eastern Daily Press (http://www.edp24.co.uk/news/crime/lowestoft_businessman_jailed_for_denying_siblings_inheritance_1_4618213) has reported that a local businessman, Laurence Sannick, has been sentenced to 28 months for failing to carry in out his duties as executor of his mother's estate.
When his mother died, by her Will, she appointed Mr Sannick as her executor and directed that her estate worth £133,000 be divided equally between Mr Sannick and his four sisters.
One sister received an interim payment of £10,000 but no other sister received any cash and had no knowledge of this transaction having been made.
The remaining funds were invested in Mr Sannick's business. Despite this, all money were lost after the business ceased trading. Business debts were said to be around £100,000.
Executors must perform their duties in accordance with the law and the terms of the Will. A little known fact is that they can be held personally financially liable for any omissions or mistakes they may make. Indeed, such liability can arise even if an Executor is unaware of a particular duty or action that needs to be taken. In addition, personal liability can, in some instances, continue for years after the administration period has ended.
We have an experienced Private Client team who would be happy to meet with Executors to provide initial advice and assistance. Such meetings may be available under an initial free half hour consultation.
If you would like to speak to one of our team, please telephone the main switchboard on 01603 693500 or email the team using the 'make an enquiry' form.
For more information on Clapham & Collinge Solicitors Wills, Trusts and Probate team, please see our dedicated webpage following this link.