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This answer was rated:

what happens when 2 executors of an estate disagree on the

asset value of the estate?...
what happens when 2 executors of an estate disagree on the asset value of the estate?
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Answered in 1 hour by:
1/25/2012
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,443
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified
Good Morning

If they cannot agree then the estate will have to be valued by an independent valuer.

Otherwise the estate cannot be probated.

I hope this is of assistance and if so please click on the accept button.



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Customer reply replied 5 years ago
My father made my sister and I executors of his estate(I have 4 siblings). Prior to his death my eldest daughter (who had 2 children) had also fostered her 2 nephews because my grandson has inherited psychiatric problems and their father could not handle then as a single parent. A few months later she found out that she was pregnant with her 3rd child - making 5 children altogether. They were living in a very small 3 bedroom villa at the time and could not afford a bigger house. My father initially offered to lend her $30,000 to help get a bigger house but my daughter refused. He sent her a $30,000 cheque and nagged her to bank it and get a bigger house whilst he was still alive and that it was not a 'gift' not a loan because he valued the change in my grandson that her love and care had made in his life. There was no documentation except for the cheque and verbal discussions between them. When my dad died my siblings found out and are stating that she took advantage of him and that the $30,000 was a debt to the estate and they want it taken out of my share of the estate. My daughter is very upset about this and refuses to allow me to have it listed as a debt to the estate. Where do I stand legally on this.
Good Morning

It either was a gift to her or a loan. It cannot be neither.

What does the sister that got the money say it was? What is her recollection?


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Customer reply replied 5 years ago
She had a conversation with my father regarding the money and told him that she would not be able to repay the money and dad told her that she didn't have to repay it that he wanted her to have it and be able to provide a larger house for the boys. She sent the solicitor in charge of the estate an email to that effect but my siblings are disputing it. My other daughter recalls a conversation with my dad in which he stated to her that it was a gift. The solicitor has said they need to look for a precedent for such a situation.
Good Afternoon

Then it is a gift.

if you try and get it out of her as a debt she can fight it in court.

If the 2 say it was a gift then it was a gift.

If there is a dispute then it will be up to the court to decide.

They all have to realise that the cost to have the court decide will be more than $30K and it will come out of the estate and they will all get less.

I hope this is of assistance and if so please click on the accept button.
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,443
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified
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