I have a client who is one of two residuary beneficiaries of an estate. He is to receive a 20% share of residue with the other beneficiary receiving 80%. The other beneficiary is also the Executor along with her husband. There is a property in the estate which the Executor beneficiary wishes to take as part of her inheritance and account to the estate for the shortfall, as the property value is in excess of her 80%.
The solicitors acting for the Executor are insisting that my client sign an indemnity protecting the Executor against any future claims against the estate relating to the property and also agreeing to be solely responsible for such claims. I have advised him not to sign it and have asked the solicitors if they are aware of any forthcoming claims or any issue with the property value (I suspected that the property was worth more than the probate value) and so they have had a RICS survey done which confirms the value of the property.
They are still refusing to pay out my clients inheritance without him signing this indemnity. I have never had such a situation before and still cannot fathom why they would insist on this for my client to receive his entitlement under the Will.
Can any members shed light on what I am missing?
Gemma Van Duke