QUESTION
Can the estate funds (excepting real estate) be distributed prior to an estate being settled?
Asked on Oct 13th, 2020 on Estate Planning - Ohio
More details to this question:
My father's estate is relatively simple. His only expenses were for burial and funeral. His estate is in probate and I am completing accounting paperwork. My father's will states that his estate shall be evenly divided among myself and my two other siblings. However, he also had 1/3 ownership of a house that is in the process of being sold. Can I file the accounting and note that the estate has been distributed among beneficiaries and that the house remains in my hands? Or should I hold off on making distributions to beneficiaries until after the house sells?
1 ANSWER
2 Awards
As executor, you are also responsible for filing your father's final tax return and for paying those creditors who come out of the woodwork. As your probate attorney may have advised you, it can be hard to claw money back once it is gone. You will be personally liable for these expenses if you cannot.
Please note that this would be only a partial accounting and an initial distribution.
There is no way for anyone on this listserv to determine if/when the house will sell, what the net proceeds might be and whether they are likely to cover anticipated and unanticipated future expenses.
Beneficiaries all want "their" money the moment someone stops breathing. That is no reason for the executor to wind up holding the bag.
Answered on Oct 14th, 2020 at 5:18 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.