Executor Citation Beneficiary With The Inheritance Payment
Description
How to fill out Release And Exoneration Of Executor On Distribution To Beneficiary Of Will And Waiver Of Citation Of Final Settlement?
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FAQ
An executor must account to the residuary beneficiaries named in the Will (and sometimes to others) for all the assets of the estate, including all receipts and disbursements occurring over the course of administration.
Executor Withholding Inheritance First, remember that there are instances when an executor can rightfully not disperse money. For instance, debts and taxes must be paid before the estate can be dispersed. If there isn't anything left over, beneficiaries may not receive what they expected.
Something an executor must do, however, is pay off the decedent's creditors and taxes. Doing this may reduce beneficiaries' inheritances if the estate does not have enough funds to pay, since it is legally required for executors to pay creditors before beneficiaries.
The executor has no right to hold any portion of the distributable assets until a beneficiary provides an approval or release of the executor's performance of duties as trustee, or the executor's compensation or fee.
Serve the 210-day waiting period Once the grant of probate is issued, a 210-day waiting period must pass before the executor can distribute the estate, unless all beneficiaries consent or there is a court order.