Quizzes & Puzzles2 mins ago
Releasing estate monies to benefiiciary
2 beneficiaries to an estate. Beneficiary A is the executor and appointed administrator. Beneficiary B wants her share now even though administration not finalised and property not sold. Beneficiary A is willing to pay to beneficiary B her share out of his own pocket. An agreement is to be drawn up.
Is A allowed to pay B's share out of his own pocket and then deal with the estate after. B has to agree that the payment to her is in full and final settelement to any claims against the estate. is this allowed?
Is A allowed to pay B's share out of his own pocket and then deal with the estate after. B has to agree that the payment to her is in full and final settelement to any claims against the estate. is this allowed?
Answers
Best Answer
No best answer has yet been selected by Law1. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Surely the executor has a legal duty to settle the estate before distributing any proceeds?
In E+W, it's only once the Probate Office has been satisfied that the executor has dealt with the debtors and creditors that the remains of the estate can be distributed.
See Essential Wills
In E+W, it's only once the Probate Office has been satisfied that the executor has dealt with the debtors and creditors that the remains of the estate can be distributed.
See Essential Wills
dzug, I thought that an executor had to ingather all the money owing to the estate, pay all outstanding debts and then go back to the Probate court to show them what had been done. Only then would they be given permission to distribute the remainder of the trustee's account to beneficiaries.
You're right that it's a private trasaction between two individuals one of whom is an executor. It does seem an unwise arrangement because beneficiary B can't know how much they're entitled to until debts have been paid and property sold.
You're right that it's a private trasaction between two individuals one of whom is an executor. It does seem an unwise arrangement because beneficiary B can't know how much they're entitled to until debts have been paid and property sold.
yes it looks as though we think you can
I bet B comes back for more tho'.
in short I think A can validly contract with B to buy out her interest in the will.
B's interest which I think can be traded is a time discount. IT may be worth her getting �500 tomorrow rather than �728.69 in dribs and drabs over two years.
I still bet B finds out how much she has lost and then whines around C D E F all family members telling the how unfair it has all been.
I bet B comes back for more tho'.
in short I think A can validly contract with B to buy out her interest in the will.
B's interest which I think can be traded is a time discount. IT may be worth her getting �500 tomorrow rather than �728.69 in dribs and drabs over two years.
I still bet B finds out how much she has lost and then whines around C D E F all family members telling the how unfair it has all been.
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.