Can family withhold inheritance?
When a person dies, there is a process to make sure their assets pass to the correct people. If a person dies owing more than they own, then the creditors get it all. You can’t give your heirs something that you don’t own. But, if your assets exceed your debts, then the executor has money to distribute.
Can an executor withhold money from a beneficiary?
As long as the executor is performing their duties, they are not withholding money from beneficiaries, even if they are not yet ready to distribute the assets. Once seven months have passed, and the executor is still not releasing money or property left by the estate, then the executor may actually be withholding money from beneficiaries.
Can a mother withhold funds from a beneficiary?
If there is a trust to be established then yes. If it is a direct distribution your mother will need to sign a receipt for the money in order to close the estate. Your mother should have received a copy of the will. She should take this to an attorney to see what her rights are.
Who is the executor of my mother’s estate?
The estate included her home. It was paid in full, but a mortgage was opened a few months before she died to pay for home health care expenses, farm property, a time share and personal belongings There are four children and one was designated the estate executor. The bulk of the estate has been settled to everyone’s relief.
What happens if the executor of an estate spends the money?
Even though you have a right to recover from the executor, if the money is spent, he may not have the resources to repay you. In addition to these concrete tasks, the executor owes the deceased and her beneficiaries a fiduciary duty to act in good faith at all times and for the benefit of the estate and its beneficiaries.
As long as the executor is performing their duties, they are not withholding money from beneficiaries, even if they are not yet ready to distribute the assets. Once seven months have passed, and the executor is still not releasing money or property left by the estate, then the executor may actually be withholding money from beneficiaries.
If there is a trust to be established then yes. If it is a direct distribution your mother will need to sign a receipt for the money in order to close the estate. Your mother should have received a copy of the will. She should take this to an attorney to see what her rights are.
The estate included her home. It was paid in full, but a mortgage was opened a few months before she died to pay for home health care expenses, farm property, a time share and personal belongings There are four children and one was designated the estate executor. The bulk of the estate has been settled to everyone’s relief.
Can a beneficiary remove an executor from an estate?
If an heir or beneficiary believes you are not appropriately fulfilling your legal obligations, they have the right to file a petition with the probate court to get a full accounting of the estate’s assets or to have you removed as the executor.