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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 19001
Experience:  32 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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how long after probate do executors have to settle a will

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<p>how long after probate do executors have to settle a will?</p><p>does a will trust to a single benficiary  have to be a signed and dated document or can it simply be a bequest in a will to a named unformed trust?</p><p>my father died in april 2010 and probate was granted in june 2010. his lawyer ceased practise within a week of my fathers death. executors (3 non family) of his estate appointed a lawyer.  documents (2) have been found re trust formed for a great grandchild. 1st found in nov 2010 signed only by my father-referred to barrister for opinion. have never been told opinion. new document now come to light signed by father and 2 trustees but not dated. being referred to barrister for opinion. estate not large and this seems to be gobbling funds. when asked in july 2010 about signing deed (mother of child benefitting trust) 1 of the 2 trustees was quite emphatic that she had never seen or signed anything. we rest of beneficiaries from the estate are just wanting this debacle settled and be paid our dues. the trust benefits from 1/3 of my fathers assets (by now all cashed up and in law firm trust account) and the other 1/3 is for my 2 siblings and I and the remaining 1/3 is distributed between 6 grandchildren and 5 greatgrandchildren excluding the one named in the trust.</p><p>What I  need to know is; do we remaining beneficiaries of my father's estate have to bear the brunt of all the legal expenses the Trust is using out of the assets, or do we have some right to settlement now or recourse at time of settlement (whenever that may be)?</p>
Submitted: 3 years ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 3 years ago.

christhelawyer :

Hi Welcome to JustAnswer. My first response will follow shortly. Please feel free to follow up if anything is not clear

christhelawyer :

In general an estate should be wound up within a year, but where there are problems with the will being unclear then there has to be certainty before the distribution can take place. Here, it would appear that the estate has been cashed up, then it should just be a matter of resolving if the trust is binding on the executors or whether the distribution can take place. The beneficiaries can ask the executors to distribute and ask them to explain why this cannot happen.

Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 19001
Experience: 32 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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