Estate Settlement Question

[trando]

I am an executor of a will and am settling an estate where there are a number of beneficiaries, one of whom lives abroad. For one reason or another, the one who lives abroad is unable to receive the settlement online. We have looked into it and can't quite work out what the issue is but after multiple attempts with the UK bank sending the money, the issue remains.
Does anyone know if there is a problem if the settlement is made to someone else (in the UK, also a beneficiary) who 'holds' the funds until a solution is found to send the money on? Have asked the solicitor involved and they are unable to give guidance, I suspect because they don't know!!
Is there any liability here?
Thanks!

[PoorCarCollector]

Have you tried using Wise or similar to send the funds to the recipient abroad?

[silentbrown]

Open an executors bank account and send them a cheque, surely?

[spaximus]

trando said:

I am an executor of a will and am settling an estate where there are a number of beneficiaries, one of whom lives abroad. For one reason or another, the one who lives abroad is unable to receive the settlement online. We have looked into it and can't quite work out what the issue is but after multiple attempts with the UK bank sending the money, the issue remains.
Does anyone know if there is a problem if the settlement is made to someone else (in the UK, also a beneficiary) who 'holds' the funds until a solution is found to send the money on? Have asked the solicitor involved and they are unable to give guidance, I suspect because they don't know!!
Is there any liability here?
Thanks!

We had this problem when my parents died as some of the beneficiaries lived in France. This was a problem for our solicitors bank as the account numbers given were not enough. I have copied below what information we gave to our solicitors and they used this to get the money there


A French bank BIC code is a Bank Identifier Code, also known as a SWIFT code, that identifies a bank in France for international money transfers. The specific code depends on the bank and often the branch, so you will need to find the correct one for your recipient's bank. You can find it on bank statements, by using an online SWIFT code finder, or by contacting the bank directly.

[silentbrown]

Beneficiary should be able to provide an IBAN code.(identifies full account) - SWIFT only identifies the branch...

ETA: Scratch that - no IBANs in Canada. Wise is a good shout.

Edited by silentbrown on Friday 7th November 20:11

[trando]

PoorCarCollector said:

Have you tried using Wise or similar to send the funds to the recipient abroad?

Good question. No is the answer. Is Wise global?
Recipient is in Canada. They appear to operate their banking system as if it was the 1950s.

[trando]

spaximus said:

We had this problem when my parents died as some of the beneficiaries lived in France. This was a problem for our solicitors bank as the account numbers given were not enough. I have copied below what information we gave to our solicitors and they used this to get the money there


A French bank BIC code is a Bank Identifier Code, also known as a SWIFT code, that identifies a bank in France for international money transfers. The specific code depends on the bank and often the branch, so you will need to find the correct one for your recipient's bank. You can find it on bank statements, by using an online SWIFT code finder, or by contacting the bank directly.

Thank you - that may be very helpful.

[Panamax]

trando said:

the one who lives abroad is unable to receive the settlement online. We have looked into it and can't quite work out what the issue is but after multiple attempts with the UK bank sending the money, the issue remains.

Which UK bank are you trying to use?

As has been said, there are SWIT and IBAN codes. Is it the currency being sent that's causing the issue?

[CHLEMCBC]

trando said:

Good question. No is the answer. Is Wise global?
Recipient is in Canada. They appear to operate their banking system as if it was the 1950s.

It is the 1950s in Canada

[trando]

Bank of Scotland to RBC in Canada. Just seems to be impossible to send money digitally. The amount is 6 figures.

[BlackTails]

trando said:

Good question. No is the answer. Is Wise global?
Recipient is in Canada. They appear to operate their banking system as if it was the 1950s.

Odd problem. I transfer money to an account in Canada fairly regularly without issues.

SWIFT code for the bank, and recipient’s account number should be enough. The issues I’ve had in the past revolve around the English bank’s systems being set up to ask for the wrong information.

Canadian account numbers, branch locator numbers and bank identifier numbers don’t look much like our 8 digit account no and six digit sort code. But as I said, SWIFT code plus account no should work.

Which Canadian bank?

[BlackTails]

trando said:

Does anyone know if there is a problem if the settlement is made to someone else (in the UK, also a beneficiary) who 'holds' the funds until a solution is found to send the money on? Have asked the solicitor involved and they are unable to give guidance, I suspect because they don't know!!
Is there any liability here?
Thanks!

Don’t do that. Your duty is to distribute to the beneficiary. If you distribute to someone else on their promise to pass the money on, and they trouser it, you’ll be on the hook to replace it.

[trando]

BlackTails said:

Don t do that. Your duty is to distribute to the beneficiary. If you distribute to someone else on their promise to pass the money on, and they trouser it, you ll be on the hook to replace it.

Thank you.

Assuming the ‘other person’ doesn’t trouser it and passes it on, any issue?

[valiant]

Can’t you just send them a cheque and let them sort it?

I received a very small inheritance years back before the euro came in and I received a cheque in Irish punts. Simply cashed it and my bank did the rest (with some fees but that’s not your problem).

[Happy Jim]

trando said:

Bank of Scotland to RBC in Canada. Just seems to be impossible to send money digitally. The amount is 6 figures.

I did a six figure sum (as an executor) from Nationwide to RBC Vancouver earlier this year - used the account number as the IBAN plus the swift code for the branch. Zero problems

Regards

Jim

[trando]

valiant said:

Can t you just send them a cheque and let them sort it?

I received a very small inheritance years back before the euro came in and I received a cheque in Irish punts. Simply cashed it and my bank did the rest (with some fees but that s not your problem).

I would, but a postal strike in Canada (which seems to be going on for ages) creates massive risk sending anything.

[trando]

Happy Jim said:

I did a six figure sum (as an executor) from Nationwide to RBC Vancouver earlier this year - used the account number as the IBAN plus the swift code for the branch. Zero problems

Regards

Jim

Thanks. That is good news. Maybe we just need to keep trying.

[BlackTails]

trando said:

BlackTails said:

Don t do that. Your duty is to distribute to the beneficiary. If you distribute to someone else on their promise to pass the money on, and they trouser it, you ll be on the hook to replace it.

Thank you.

Assuming the other person doesn t trouser it and passes it on, any issue?

Well no, if everything goes as you want it to, then all will be well. But you’re trusting someone you don’t know to discharge obligations that you have and which can’t be delegated. If the “holder” does do something unexpected you’ll be in the st. And as we know the only two certainties in life are death and taxes.

The transfer to RBC: the recipient’s statements should record their account no as xxxxx-xxxxxxx (5 digits, 7 digits).

Use the last 7 digits as the account number plus the SWIFT code ROYCCAT2XXX.

[trando]

BlackTails said:

Well no, if everything goes as you want it to, then all will be well. But you re trusting someone you don t know to discharge obligations that you have and which can t be delegated. If the holder does do something unexpected you ll be in the st. And as we know the only two certainties in life are death and taxes.

The transfer to RBC: the recipient s statements should record their account no as xxxxx-xxxxxxx (5 digits, 7 digits).

Use the last 7 digits as the account number plus the SWIFT code ROYCCAT2XXX.

Thank you!

[omniflow]

Once you've worked out what you think are the right details then, if it were me, I'd do a trial run with a meaningful but not huge sum - e.g. £1,000. If they confirm receipt of that then go ahead and send the "six figures" sum. The trial probably doesn't need to be as much as £1,000, but I would suggest more than £1 or £5 as that would probably be less than the charges and might upset the system.