distribution of assets
how long after a person dies must the beneficiaries get all that they are owed? Does the executor have all power because it has been more than 2 years since my grandmother died and my mother has not received all that she is owed and she is afraid to confront my uncle who is the executor.
Re: distribution of assets
It depends upon the nature of the gift, and whether it is part of the residue or a specific bequest (i.e., part of what's "left over" after all specific gifts, or a specific gift of money or property.)
Generally, if there are sufficient assets in the estate, specific gifts are paid first, and distributions of the residue may be made in phases.
If there are any pending suits or claims, or an estate tax return which has not been finally accepted, the executor may hold the estate open longer, and hold a reserve against additional taxes until the estate tax return is accepted.
If your mother hasn't asked your uncle when she might receive the final amount, it might make sense for her to do so. Ultimately, your uncle will likely need to file his accounts, showing final distribution of all assets of the estate after payment of all debts, administration expenses, taxes, etcetera. If he is unresponsive in regard to your mother's distribution, she can demand that he file his accounts.
If she needs legal assistance, please feel free to contact my office to arrange a conference.
Re: distribution of assets
It depends upon the nature of the gift, and whether it is part of the residue or a specific bequest (i.e., part of what's "left over" after all specific gifts, or a specific gift of money or property.)
Generally, if there are sufficient assets in the estate, specific gifts are paid first, and distributions of the residue may be made in phases.
If there are any pending suits or claims, or an estate tax return which has not been finally accepted, the executor may hold the estate open longer, and hold a reserve against additional taxes until the estate tax return is accepted.
If your mother hasn't asked your uncle when she might receive the final amount, it might make sense for her to do so. Ultimately, your uncle will likely need to file his accounts, showing final distribution of all assets of the estate after payment of all debts, administration expenses, taxes, etcetera. If he is unresponsive in regard to your mother's distribution, she can demand that he file his accounts.
If she needs legal assistance, please feel free to contact my office to arrange a conference.
