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Disbursement of proceeds of the will

On Lawyer & Legal » Wills & Trusts

2,946 words with 4 Comments; publish: Mon, 02 May 2005 12:21:00 GMT; (800105.47, « »)

The state is: My wife and I along with 2 other relatives found ourselves executors of a very small estate (less than $3,000). All of the final tax return paperwork was completed by and accountant and all that remains is to divide up the remaining funds among the beneficiaries and send out the cheques.

The disbursements was structured in the will so that 2 individuals would receive $5,000 each, 2 others $1,000 each and another 2, $500 each. Any remaining funds were then to be divided equally between six parties, some of who were included in the specific amounts above and some who were not.

I am presuming that since the estate is less than $13,000 which is the threshold where everyone named would get the share that was named in the will, that we would instead simply pro-rate the proceeds among the those first six beneficiaries. The other six beneficiaries would be left out due to lack of funds.

My question is whether the executors are obliged to send a reconciliation to everyone named in the will even though they would not be receiving any of the proceeds, and secondly how much detail of the financial affairs is it necessary to provide to the beneficiaries when the final cheques are distributed?

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    • This is a situation that proves the rule -- no good deed goes unpunished. Tell everyone the story and help avoid problems down the road.
      #1; Mon, 02 May 2005 23:57:00 GMT
    • In regards to the last sentence: "How much detail of the financial affairs is it necessary to provide to the beneficiaries when the final cheques are distributed?"

      I am wondering something similar. I am a beneficiary on a will. My stepfather passed away 17 months ago and he left 75% of his estate to his 4 children, and 25% of his estate to his three step children. His oldest son is the executor of the estate.

      My two siblings and I just received our portion; the 25% split between the three of us. Attached to the check was a note saying how much each beneficiary received (children $74,513 each and step children $33,117 each. It said that the grand total of estate was $417,486.

      For checks and balances purposes and for curiositys sake, I decided to get a copy of the inventory, appraisement and list of claims from the county clerk which is public record. It lists the total property at $676,153. This $258,667 is a considerable difference. I understand that debts and liabilities needed to be paid but I am suspicious of my step brother. Is it legal for me to get an accounting of where the $258,667 went? I am wondering how much my step brother paid himself to be executor. How do I proceed and should I even bother going there? My two siblings and I are in a different state from my step siblings and we arent at all close.

      #2; Tue, 03 May 2005 12:13:00 GMT
    • And in what state is this probate?
      #3; Tue, 03 May 2005 07:12:00 GMT
    • Thanks for the advice. Nothing to hide here, just a desire to reduce the paperwork and try to determine what the legal obligations are by way of furnishing information.
      #4; Tue, 03 May 2005 06:41:00 GMT