LEGAL - Probate Sale

Generally under English law, the estate of a deceased person cannot be dealt with until a probate certificate has been obtained authorising the person named as executor in the deceased person's will (assuming there is a will). There are some exceptions to this rule; for instance, if the assets of the deceased to be dealt with are cash only or are un-mortgaged personal possessions. A boat will usually be regarded as a personal possession (like a car) if it was wholly owned by the deceased in his personal capacity and was not subject to a mortgage or other charge. In that case, the executor named in the will can sell the boat and receive the sale proceeds (which he/she then holds in trust for the beneficiaries, subject to letters of probate being obtained and the assets distributed as per the will).

From Boatshed's point of view therefore, a broker dealing with the sale of a boat that belonged to a deceased person should be mindful of the following:

• Identify clearly and with certainty who is the executor named in the will. This will require seeing a copy of the will and satisfying yourself that the person you are dealing with can properly identify himself as the executor. If there is no will, you cannot deal with anyone until someone has obtained letter of probate which you need to see.
• Be aware that sometimes close family members (children of the deceased for instance) might assume that as they are the ultimate beneficiaries they can give instructions concerning the sale of the boat. They cannot.
• Assess how the boat was owned by the deceased; in his own name or by a company he owned.
• Assess if the boat is mortgaged. If it is, you will not be able to deal with the executor until he/she has obtained letters of probate.
• If you do sell the boat, pay money only to the executor and obtain a receipt.
• Unless the executor is a law firm, ideally seek an indemnity from the executor to act upon his instructions in the absence of letters of probate having been obtained.