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Is this Indemnity Letter ok for an Executor?


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Hello, I have just joined.

 

I am a joint executor Non beneficiary, in a family will where the one of the two beneficiaries also executors cannot agree to the price to buy out the other. It has become hostile between them, it is going to court to decide what happens to the house and I am now a party to the claim, as second claimant, siding with the reasonable party for the purpose of getting this protracted matter dealt with.

 

The indemnity form I have been sent by the solicitor of one party states in the last of three paragraphs, the following and I wish to know please if this is a reasonable paragraph that should protect me against costs

 

Now this note witnesses that in consideration of the foregoing the First Claimant agrees to indemnify the Second Claimant in full in respect of the Second Claimants share of any costs order made against the Claimants in the said proceedings for as long as the Second Claimant remains that party to same.

 

I would be most grateful for your comments.

 

Regards

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Yes its a standard clause for the first party to protect you as a second claimant against costs.....however why you need to be part of this claim or side with a party as executor Im unsure ?

 

It is worth considering executors insurance, which is a form of indemnity insurance very similar to the type of professional liability insurance held by a solicitor. Executors insurance can protect you against any legal or financial claims that result from your actions and the cost of insurance can often be reclaimed from the estate as part of your expenses.

 

Andy

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Thank you for the welcome HB. Andy thank you, the reason I agreed to be a second claimant was that, as I was told, it would better strengthen the case against the difficult brother. I am not sure that this is so.

 

Regards

 

Alan

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It really shouldnt be your concern as Executor of the estate and none beneficiary ...your main priority duty is valuing and disbursing property to the beneficiaries as designated in the will.

 

There are 3 executors...correct ?

Two are beneficiaries and your not ?

Are you related to these two?

Are they the only two beneficiaries ?

 

Have you got a true value of the property ?

 

Is there any further monies involved as to why they cant agree ?

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Yes Andy, it should not really be me on the line, but an indemnity should keep me out of it.

 

There are three executors, myself a friend of the family, no relation. nor a beneficiary. The two others are brothers, one being just awful, trouble making and more.

 

The two brothers are the only beneficiaries. The house has been valued by both brothers with two different valuations and no agreement has been reached, hence court. There may be other money not declared by the difficult brother, I asked three times and gave up. One wants to buy the other out, too much difference to ever agree. thank you for your time. Alan

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So this solicitor that has issued the indemnity form to yourself is acting for the awkward brother ? I assume there is a court claim in progress ?

 

Why not get a third valuation and meet in the middle ?

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No Andy the solicitor who issued me the form is the one acting for the reasonable one who is going to court because this has gone on for years with difficult brother delaying. (Very successfully as it happens).

 

The difficult one does not meet in the middle!

 

Is being a claimant, a party to the proceedings unusual in your opinion? Incidentally, without me being too syrupy forums such as this one where people give advice out of the goodness of their hearts show the best in Human nature.

 

Best

 

Alan

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Ah I see so this an attempt to settle probate and finalise the estate.

 

The underlining problem here is too many Executors and both being beneficiaries .....Wills that appoint co-executors often provide a backup plan to resolve anticipated stalemates between the executors. If the will provisions allow for a tie-breaking vote, the co-executors can obtain that vote from a third party. The will may or may not identify the specific person entitled to cast the tie-breaking vote. However, if a will does not expressly allow for the use of a third party in this manner, the co-executors cannot use this as a solution.

 

Sometimes the only way for co-executors to work together is through coercive action in court. Probate judges have the legal authority to resolve disputes between co-executors. The judge will typically hold a hearing at which both executors have the opportunity to present their arguments. Afterwards, the judge will issue an order in flavor of one of the executors and both executors must comply with that judicial order.

 

Its not unusual but rare but I understand why you are now party as per my paragraph above.

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