executor of an estate, legal, time limits to withhold from beneficeries. Claim is suppose to be only $10,000 in life insurance to be divided equally. The benificeries, other than executor were not allowed to see such life ins.policy. He has the money in a personal account collecting interest of his. Will not give the money until he deems to do so. Has indicated that he is keeping the interest gained. Claims it is being held until he pays bills. Who's bills is he paying? He also claims inherantance taxes will be his responability to pay. This is not true. Since I live in Illinois he claims I do not know what I am talking about.
State/Country relating to question: Indiana
I have been very reasonable so far, But something tells me that the amount he states is incorrect and he plans to only divide a lower amount and keep the rest along with six months interest he gains in the so call trust account. What can we do, There is 3 others involved in this.
Welcome. This site allows for a general response that will help you with your legal issue. If necessary, for specific advice contact a local attorney. I am happy to help. If you need further clarification, hit the reply button and let me know. When an Executor handles an estate the executor has to account for assets collected, earned and distributed. The time period for claims against the estate is usually about 6 months. The time period to pay any estate taxes on an estate is usually 9 months. During that period, usually no distributions are made to make sure moneys are available to pay claims and taxes. However, sometimes partial distributions can be made but the heir or beneficiary usually has to sign a document stating that if there are unpaid claims they would have to return the monies. If after a certain time period where the heirs or beneficiaries believe that distribution could have been made, they can informally request an accounting from the Executor. If the Executor refuses to provide an informal accounting, the heirs or beneficiaries can usually petition the court for an accounting, either on an interim basis or final. So in order for someone to find out "who's bills the Executor is paying," the heirs or beneficiaries can request or demand an accounting. I hope this explanation helps you. If you need clarification, hit reply and let me know. Otherwise, please provide a positive rating so I will get credit for helping you. Thanks!41085.4849756597
Hi Brenda:I have not heard from you in awhile. The information I provided to you is informative and helpful. If you need clarification, please hit reply and ask a follow up question. I would be happy to continue to work with you. Otherwise, please provide a positive rating so I can get credit for my services. It is the only way for me to get credit for working with you. I am sure you understand. Much appreciated, Damien
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