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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 34313
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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My brothers and I are Independent Co-executors and the sole

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My brothers and I are Independent Co-executors and the sole beneficiaries of our fathers estate. My mom passed and NO one else is listed in the will, no charities nothing. We have a great relationship and everything is amicable. We have letters of testamentary and I am almost finished with the inventory (which will be around a million under the estate tax threshold). There will be NO ONE who will contest this. My brothers and I want to start distributing cash equally. We have access to all of his accounts (he gave us passwords and told us to do whatever we wanted). Before this is officially settled by the courts can we distribute some money equally to each of us. Remember we are CO-Independent executors and NO ONE ELSE is listed in the will. He has no mortgage, owes NO ONE anything. It's all clean. Thoughts?
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Before this is officially settled by the courts can we distribute some money equally to each of us.
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If father has no debts that will need to be paid by the estate, then there is no prohibition on the executors making a partial distribution prior to closing the estate. There is a statutory "creditor claims" period of 4 months during which creditors can place claims against the estate for payment. But if there are not any forseeable claims that could come up, there is nothing that would prevent the distribution of some portion of the estate funds during this period.
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If the 4 month creditor claims period has not passed, I would not suggest that more than 60-70% of the assets be distributed just so there is a cushion left in case some unknown creditor shows up during this period with a huge claim.
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But if the 4 mos has passed since the estate was opened and any creditor notice published, then it would be ok to distribute most of the assets, leaving just a small amount in the estate to cover any potential legal expenses of closing the estate.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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