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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22811
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Hi Chris, i act as executor to a will,in the will,the deceased

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Hi Chris,
i act as executor to a will,in the will,the deceased left $25,000.00 to a brother in the form of a loan,to be secured by some means,for a period of five years,and can request the loan continue for a further five years with interest payable at National Bank Average Home Floating interest rate plus 3%.The deceased's Spouse and children are the beneficaries of the will. Some of the children are in desperate need of money.Do the excutors have the right to refuse to grant the request and demand prompt repayment?.

Chris The Lawyer :

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

Chris The Lawyer :

The only way to accelerate payment would be for the children to apply under the Family Protection Act to get better provision, and identify this loan as something to use for this.

Chris The Lawyer :

Apart from this the terms of the will create a trust and the brother can insist on performance. You cannot just refuse to pay this to him.

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