QUESTION
What do I need to do if I have spent more of my share than I should have in my father's estate?
Asked on Dec 08th, 2011 on Estate Planning - California
More details to this question:
I screwed up the accounting on my father's estate and have spent more of my share than I should have. What do I need to do?
23 ANSWERS
Residential Attorney serving Hartford, CT
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Halloran & Sage LLP
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Adjust the accounting by paying the overage back to the estate and clearly showing the credit back to the estate from you clearly document and disclose everything.
Answered on Jul 16th, 2012 at 2:05 PM
You can be held personally responsible for a loss of estate assets as a result of wrongdoing or mismanagement. If you are honest about what happened, you may be able to work out a plan, with the judge's approval, to repay the other beneficiaries of the estate. Be prepared, however, that there is a significant chance you may be removed as the personal representative of your father's when your mistakes are revealed.
Answered on Jul 16th, 2012 at 8:55 AM
Business & Corporate Attorney serving Oklahoma City, OK
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Donna J. Jackson Attorney at Law PC
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I recommend that you pay it back.
Answered on Jul 10th, 2012 at 4:11 PM
Probate Attorney serving Arlington, TX
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Law Office of Eric J. Smith
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Let the other beneficiaries know of the error immediately, amend any accounting you were required to file with a court, and prepare to pay back the money with interest. Breach of fiduciary duty requires an intentional taking, which you seem not to have done, but now that the error is known to you, you may be liable if you do not act to fix it.
Answered on Jul 10th, 2012 at 4:00 PM
You need to repay the estate immediately. If that is not possible then you will need to inform the other heirs and devise a plan for restitution. You should consult a probate attorney to assist you.
Answered on Jul 09th, 2012 at 2:27 PM
General Practice Attorney serving Glendale, CA
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Law Office of Michael Stafford
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You must repay the estate the money you over spent.
Answered on Jul 09th, 2012 at 2:19 PM
Leonard A. Kaanta
You need to find an attorney, you could be charged with embezzlement.
Answered on Jul 09th, 2012 at 1:59 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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You need to repay the difference asap.
Answered on Jul 09th, 2012 at 1:45 PM
Business Formation Attorney serving Westland, MI
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Clos, Russell & Wirth, P.C.
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You need to pay the money back to the estate.
Answered on Jul 09th, 2012 at 1:42 PM
You should reimburse the estate.
Answered on Jul 09th, 2012 at 1:33 PM
Debt Collection Attorney serving Philadelphia, PA
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Law Office of Faye Riva Cohen, P.C.
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You should try and reach an agreement to pay back the others even if you need to do so over time. Hire a lawyer to help you if possible as your actions may have criminal implications.
Answered on Jul 09th, 2012 at 12:25 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Hello. It is not entirely clear what has happened. When you say you "spent more than your share", do you mean you took a partial distribution and it turned out to be more than you were to receive? What was the money spent ON? If it was for administration expenses, that is probably not a problem. If you took more than your share as a partial distribution, then you need to put enough back in to even cover the other shares. The sooner you do this, the better.
Answered on Jul 09th, 2012 at 12:21 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Probably account properly and return the over expenditure if necessary. Seek counsel.
Answered on Jul 09th, 2012 at 10:38 AM
4 Awards
You need to reimburse that amount over the cap that you've spent.
Answered on Jul 06th, 2012 at 10:21 PM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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You are going to have to pay it back. Was there a probate administration opened? Was there a trust? You will have to inform the estate's beneficiaries if you were the personal representative (executor) or trustee.
Answered on Jul 06th, 2012 at 10:16 PM
Alternative Dispute Resolution Attorney serving Baltimore, MD
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Whiteford, Taylor & Preston L.L.P.
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You should pay back the excess.
Answered on Jul 06th, 2012 at 9:54 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Notify your attorney immediately, and make prompt arrangements to repay the amount. You may be entitled to fiduciary fees which might offset the amount owed.
Answered on Jul 06th, 2012 at 9:50 PM
The basic answer is pay back what should not have been spent. I assume you have an attorney so consult with that attorney.
Answered on Jul 06th, 2012 at 9:43 PM
Pay it back and let the other heirs know that you made a mistake.
Answered on Jul 06th, 2012 at 9:31 PM
Probate and Trust Administrations Attorney serving Henderson, NV
Partner at
Clear Counsel Law Group
If you acknowledge that you have received more than your share from your father's estate, you should immediately return to the estate all amounts that you were not entitled to receive. In general, a beneficiary of an estate should not receive any distributions until all costs of administration, taxes, and valid creditors are paid. Even though you may be the personal representative of the estate and a beneficiary as well, this does not entitle you to access or use any assets beyond what is necessary to administer the estate and pay taxes and valid creditors. Estate assets should never be used for personal expenses until these other issues are resolved and the estate is in a position to make a distribution to all beneficiaries. In Nevada, you could be subject to severe penalties for taking assets from the estate that you were not entitled to receive. Because of these severe penalties, you would be greatly benefited by consulting with an experienced probate and trust administration attorney who understands estate administration matters and can guide you in resolving the matter as quickly as possible. It is also possible that your accounting may not be as bad as you think, and, if so, an experienced attorney can help you correct mistakes in the accounting.
Answered on Jul 06th, 2012 at 9:29 PM
I do not know how you received the money, but if you are the court appointed personal representative and took money from the estate without distribution, you will need to repay the estate the money back.
Answered on Jul 06th, 2012 at 9:27 PM
Probate Attorney serving Palatine, IL
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Law Offices of Robert H. Glorch
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This is obviously a sensitive issue. Can you get an agreement from all of the interested parties? If not, then you will probably need to return the excess, or if you can't then you'll have a judgment against you. Is there a surety company on the bond? If so, then they might be made liable. Presumably you had an attorney representing you as executor. You should be working with the attorney.
Answered on Jul 06th, 2012 at 9:23 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Obtain an attorney to file a summary petition to probate and file an accounting , so all of the rightful heirs can determine how to proceed to recover their share of the estate from you, maybe by mediation after the probate process is initiated.
Answered on Jul 06th, 2012 at 4:11 PM