Wills-Currency conversion of cash gifts prior to euro

annecy

The text of a will made before euro says £ irish pound amount but amount received is in euro at rate 1:1. When queried this was corrected to amount converted at 1.27. Is this a common error and what is the correct procedure?

coylemj

Divide the Irish Pound (punt) amount by 0.787564 to convert to Euros, that is the official conversion method.

annecy

coylemj wrote: »

Divide the Irish Pound (punt) amount by 0.787564 to convert to Euros, that is the official conversion method.

Seems to be a schoolboy error was wondering if it is a common occurence or if it is up to the solicitor or executor re how to proceed

coylemj

annecy wrote: »

Seems to be a schoolboy error was wondering if it is a common occurence or if it is up to the solicitor or executor re how to proceed

Even if it is a common occurence, nobody is going to admit it.

If the cash bequests stated in the will to be in punts are paid out in euros on a 1:1 basis, the person who benefits from that scam mistake will be the 'residuary legatee', that is the person who picks up the residue of the estate after all of the specific bequests are met. You can work that out for yourself.

Victor

I wonder if here is an issue as to when the will was drawn up. If the will was dated 1990 and said "£10,000 to John" then that is very much €12,698.

But is it is dated 2012 and says "£10,000 to John", might it be considered an error?

annecy

It was made prior to 2002, there was a cash reduction to one beneficiary to be divided among grandchildren, euro/punt question was brought up with the executor before cheques drawn up so found it very unprofessional the mistake arose, solicitor response- oh yes that's correct a further cheque will issue for the residual balance. Amount insignificant but just like things done right.

annecy

It was made prior to 2002, there was a cash reduction to one beneficiary to be divided among grandchildren, euro/punt question was brought up with the executor before cheques drawn up so found it very unprofessional the mistake arose, solicitor response- oh yes that's correct a further cheque will issue for the residual balance. Amount insignificant but just like things done right.