Hello, anyone with legal education/experience, please help!!!! Is it legal for an excutor of a will to ration out the money as opposed to giving it in a lump sum? The excutor is seemingly doing it to help the person manage their money, but, assuming this is NOT a stipulation in the will, is this legal? Please help!
2007-10-02 08:07:31 · 5 answers · asked by reginachick22 6 in Politics & Government ➔ Law & Ethics
Also, how should this be handled, and what can be done?
2007-10-02 08:09:21 · update #1
Specific questions about specific cases should be directed to a lawyer. You left out more than you said. Anything said would be a wild guess.
2007-10-02 08:10:49 · answer #1 · answered by davidmi711 7 · 0⤊ 0⤋
If the executor is withholding money until the estate bills are all paid than he can do this.. all debts must be sorted first. He/she may just be rationing out so that you get something in the meantime. If however, there is no stipulation in the will regarding the releasing of funds, and if all of the estate debts are paid, then it is the executors responsibility to release the funds. Send a registered letter to the executor stating your request for the funds. Make sure they have to sign for it.. If after receiving the letter they refuse to release any monies owing, speak to a lawyer. The executor in question could be doing anything with the funds, best to find out straight away.
2007-10-02 15:20:38 · answer #2 · answered by oneblondepilgrim 6 · 0⤊ 0⤋
If all debts and taxes have been paid and all that is left to do is distribute the estate, an executor cannot dole out money that is left outright to an adult beneficiary.
If the executor refuses to distribute the gift (I would send a demand in writing, certified letter, return receipt) pursuant to the will and there is no valid explanation, the beneficiary can go into court and get the executor removed/replaced OR can get the court to order the personal representative to distribute the bequest pursuant to the terms of the will.
If however the money was put in trust for the benefit of the beneficiary, the money can be "doled out" pursuant to the terms of the trust.
The best thing to do is to consult an attorney in your state who is an expert in will/trust law. Good luck.
2007-10-02 17:37:10 · answer #3 · answered by floridaladylaw 3 · 0⤊ 0⤋
It is legal if such a stipulation was made in the will. If no such stipulation was made, the holding and budgeting of the funds may still be legal if it has been determined that such budgeting is necessary. The executor is not acting illegally unless their actions are challenged and determined to be illegal. Essentially, what the executor is doing is legal, but can be challenged in a court.
2007-10-02 15:22:18 · answer #4 · answered by fangtaiyang 7 · 0⤊ 0⤋
I would speak to an attorney, they should be able to help you. And if there not suppose to do that, they attorney will get that money for you.
2007-10-02 15:12:39 · answer #5 · answered by ~Jen~ 4 · 0⤊ 0⤋