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Jane Doe Deer
Jane Doe Deer, Attorney
Category: Estate Law
Satisfied Customers: 3864
Experience:  Attorney for 24+ years; Adult Guardianship Experience
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Hello there, My question concerns the estate of my deceased

Resolved Question:

Hello there,
My question concerns the estate of my deceased Mother in Maryland. Our sister has been appointed personal representative of the estate and we also hired an estate attorney for guidance. There is a sum of money in an investment account that was set up for our Mother. This is not the estate checking account, that is separate. Our financial advisor wonders why we are not dispursing some of this money to the heirs at this time. We do have Mom's house on the market for sale, and expect maybe 30k in proceeds from the sale after her reverse mortgage is paid off. There is about 80k sitting in an investment account earning about 3% in interest. I believe this is in a municipal bond which I imagine means if the stock market takes a hit, so would our investment. Real question is this. Does it make sense to dispurse some of this money to the siblings now leaving a cushion of proposed expenses to settle the estate at the end, such as paying our attorney and a CPA to prepare a final estate tax return. Can the PR decide if the family can or can not take a dispursement, or is this common to have the family members choose. If four siblings request a dispursement of their inheritance and the PR does not want/choose to do this for them...is this her job/right to do so?
Thank you for your time in reading this. There is becoming a division amongst the family and what appears to be a possible mis-use of power here with our PR.
Submitted: 3 years ago.
Category: Estate Law
Expert:  Jane Doe Deer replied 3 years ago.

Thank you for contacting Just Answer.

 

 

Answer: Depending on the siblings, it may make sense for siblings who need money right away to receive a disbursement right now. It may make sense for siblings who like having a 3% return keep their money in the account. In other words, there is a good reason siblings may disagree with the best course of action here.

 

The PR is in charge. The PR's duties and responsibilities are laid out in the will (or trust). PR's can be removed through a costly court fight, but sometimes by agreement.

 

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Jane Doe Deer

 

Jane Doe Deer, Attorney
Category: Estate Law
Satisfied Customers: 3864
Experience: Attorney for 24+ years; Adult Guardianship Experience
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