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My mother in law died last month. Her will is uncontested,

Hi, my mother in...

Hi, my mother in law died last month. Her will is uncontested, however her sons have to wait 7 months for money to be released. My daughter is terminally ill and I'm wondering if how long she will have to wait for marital settlement money to be released to her after settlement. Is it possible to have her settlement money paid directly to her a/c so she can avoid the wait for lawyer to release it?

Lawyer's Assistant: What steps have you taken? Have you filed any papers in family court?

She is waiting for an agreement to be reached on final amount of marital settlement.Court will not be an option as she will have to wait too long for hearing and she is too unwell.

Lawyer's Assistant: Family law varies by state. What state are you in?

NZ North Island Waihi

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Is it a legal requirement that settlement money has to be paid into lawyers a/c. If so, why such a long wait for it to be released?

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Answered in 1 hour by:
5/9/2018
Chris The Lawyer
Category: New Zealand Law
Satisfied Customers: 23,846
Experience: 38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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The reason an estate is not distributed before a six-month period is in case there are creditors, who must make a claim within that period. In circumstances where there is an ordinary estate and there are no creditors, the estate can be distributed but the lawyers acting would probably require some form of indemnity to distribute before the six-month period. The risk of that indemnity being invoked would be quite small.

Her estate can make any claim for settlement of relationship property if she does not live long enough for the settlement to take place. It is important that she has a current will herself, as this would make advancing her claim very much easier. Normally the lawyers require the money to be paid into that trust account so that they may deduct fees. It isn't a requirement of law, but you will find that they very much prefer dealing with the settlement this way to secure their fees.

Chris The Lawyer
Category: New Zealand Law
Satisfied Customers: 23,846
Experience: 38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Customer reply replied 3 months ago
Thank you Chris, can you explain what some form of indemnity to distribute means, and the risk of indemnity being revoked. Thank you

What this means is that the lawyer distributing the estate thinks there is a risk that if the estate is distributed before the 6 month period, then they could be liable to pay out any creditors who miss out. The reason I say there is low risk, is that when older people die, their estates are normally pretty straightforward and the only debts are normally things like power bills, a funeral bill and ordinary household expenses. Most older people keep these up-to-date. There is very little real risk, but lawyers are conservative, and before they distribute an estate under the usual six-month period, they would want some protection. So they ask for an indemnity from the beneficiaries to enable the money to be paid out

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Customer reply replied 3 months ago
Many thanks.

Glad to help

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Customer reply replied 3 months ago
Chris, if my daughter reaches an agreement for marital settlement can she offer indemnity to her lawyer so she can access the money sooner. I think your previous messages refer to estate, as in if she is no longer alive can her beneficieries offer indemnity and have it released sooner.Is her settlement called estate if she is alive?

I think the indemnity has to come from the beneficiary which I assume is her husband/ex-husband. I gather that he is going to agree to settle a relationship property dispute. Normally the money which he would inherit would be separate property however. But if he needs that to pay out her share of the relationship property then it would be in his interests to give the indemnity to complete the agreement. It could even be included as part of the settlement agreement

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Customer reply replied 3 months ago
No he is not a benificiary. They are going through a divorce and she is negotiating for her share of marital property. If she comes to agreement and the money goes into her lawyers a'c is it possible for her to offer indemnity and assurance she has no debtors and access the money before 6 months?
Is the money from your mother in law’s estate going to your daughter?
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Customer reply replied 3 months ago
No my mother in law estate has nothing to do with my daughter. My daughter is negotiating a marital property settlement with her ex husband. She is very unwell and we want to know if she can access her property settlement in less than 6 months by showing her lawyer she has no debtors.

I think I was confused because when you started the question you talked about your mother-in-law dying and the six months wait for the money to be released.

Is the position that, separate from this, your daughter is waiting to get a settlement from her husband? If she gets money from him, that money should be available to her immediately, and there is no reason to hold the money. There is no time she has to wait to get the money. As soon as her husband pays the money to her or her lawyer, the money will be available to her

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Customer reply replied 3 months ago
Thank you Chris, sorry for the confusion. That's what we wanted to know, Cheers Janne

Glad to help

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