QUESTION
House sold can I make a partial distribution
Asked on Feb 17th, 2015 on Estate Litigation - New Jersey
More details to this question:
I am executor for an estate the house was sold the only remaining bills that will be coming in won't total more than $5,000.00 can I make a partial distribution and hold some funds back to pay remaining bills, say for six months or do I have to wait until all bills are paid ?
1 ANSWER
2 Awards
you can make a partial distribution, but do it equally to any and all beneficiaries and get each beneficiary to sign a release. Also - it is the executor's duty to ensure that the recipient of any money does not have any outstanding child support judgments against him or her. you must do a search, or risk the consequneces if there are such judgments, and you make payment to a beneficiary that should have gone to satisfy the judgment.
Answered on Feb 17th, 2015 at 2:00 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship