Where did the money go????

[Jacqueline]

I have a relative, Edward Costall b. 1833 and died 1907. His father was a surgeon ( John) in Market Overton, Rutland. John died 1870, leaving approx 12000 pounds. ( I assume to his only son, Edward. Edward was an assistant surgeon in 1861. By, 1871 he was a farmer of 122 acres. His Uncle, Robert at this time was living with them, and was a farmer of 600 acres. By 1881, Edward was a farmer of 850 acres, and Robert was retired. I assume, at this point Edward used the 12000 pounds to become a farmer, and somehow inherited his Uncle Roberts land ( he didnt die until 1883 ). Neither Robert or Edward married. Edward died 1907, and the probate records say he was worth 360 pounds.and left it to " a schoolmaster"...........so.....

Where did the money go? One has to assume he was rich? I calculated the 12000 pounds to over 7 million pounds........( phew )

Any ideas anyone?
Jackie

[JuneR]

According to the National Archives currency converter, £12000 in 1880 would have been £579,720.

Still a lot of money.

June

[Jill on the A272]

You need the actual wills to see to whom Edward left his money. The schoolmaster is the person to whom probate was granted, the will itself tells you who the money was left to.

[Velma Dinkley]

Then end of the 1800s was the start of the decline in agriculture - drought, poor harvest, cheap foreign imports from abroad etc. My husband's great great grandfather was made bankrupt in the 1890s - the farm had been in the family for 100 years.

[margaretmarch]

Sometimes people disposed of their wealth before their death so it wouldn't appear in the will and not subject to death taxes.
Margaret

[Uncle John]

Sometimes people disposed of their wealth before their death so it wouldn't appear in the will and not subject to death taxes.

Which can often be spotted by the absence in the will of any provision for the person who got the land.

[Jacqueline]

You need the actual wills to see to whom Edward left his money. The schoolmaster is the person to whom probate was granted, the will itself tells you who the money was left to.

Yes, but its only 360...I would have thought there would be a lot more.

[Jacqueline]

Then end of the 1800s was the start of the decline in agriculture - drought, poor harvest, cheap foreign imports from abroad etc. My husband's great great grandfather was made bankrupt in the 1890s - the farm had been in the family for 100 years.

Oh Velma, I had forgotten about that...Silly me ...I actually studied all that at Uni! LOL!

[Jacqueline]

Sometimes people disposed of their wealth before their death so it wouldn't appear in the will and not subject to death taxes.
Margaret

Margaret,
That would make sense.....these two were pretty canny I reckon. I might just have to order the will, to see who the land went to ( would that be in the will, or should I be looking else where?)

[Jacqueline]

Which can often be spotted by the absence in the will of any provision for the person who got the land.

Interesting Uncle John....But these two never married or had any kids ( that I know of ).

[Caroline]

They may well have been tenant farmers, so didn't own the land in the first place, just the stock etc. You might find newspaper advertisements about auctions when they gave up the lease.

[margaretmarch]

Margaret,
That would make sense.....these two were pretty canny I reckon. I might just have to order the will, to see who the land went to ( would that be in the will, or should I be looking else where?)

I think the land will not necessarily be mentioned as it would probably have had to have a value attributed to it, but what you will find out is what the £360 was and whether other things were left to individuals. On my great great grandmother's will she left pieces of jewellery, furniture clothes and other specified items to her children and step children which was all very interesting and gave a picture of her lifestyle.
To find out about the land you might have to ask the Land Registry who hold all records of titles to land.
Margaret

[Uncle John]

To find out about the land you might have to ask the Land Registry who hold all records of titles to land.

When/if land title was registered, it would only record the current situation. Old deeds etc. used to prove title to the Land Registry would have been returned to the landowner.

[margaretmarch]

I thought they still kept a record though as I was told I could ask for some records of a property's owner going back in time. Alternatively perhaps there are rate books or some such that might help.
Margaret

[Olde Crone Holden]

You ASSUME he left the £12,000 to his son, but for all you know, he left it to the Cat's Home!

Get the Will, then you will know. I have had some HUUUUGGGE surprises in Wills and almost always, some very useful otherwise unknown information.

OC