The beneficiaries of a Will that has been probated and is being administered in a estate proceeding have the right to contest an accounting of the Executor of the Will and Estate.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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A distributee is a person or party who receives a share of assets from a total of assets of a decedent. In simpler terms, a distributee could be defined as an heir; a person entitled to an interest or share in the estate distribution process.
This is when courts transfer the ownership of assets to beneficiaries or heirs. The final distribution only occurs when the estate is settled, meaning all creditors and taxes have been paid, all disputes have been resolved, and the judge gives final approval.
Liquidating assets It is often done in probate if the executor needs to distribute funds from the estate to beneficiaries. This is a straightforward way of dividing assets fairly based on their monetary value, if the beneficiaries would prefer the cash to the physical asset bequeathed to them in the Will.
An Executor or Administrator has a statutory duty to produce a final Estate Account which can be enforced by the Court. This account will illustrate what money has come in and out of the Estate, listing all assets, liabilities (debts), administration expenses and the final amount to be distributed to the Beneficiaries.
As an Executor, you should ideally wait 10 months from the date of the Grant of Probate before distributing the estate. The Grant of Probate is the document obtained from the court which gives the legal authority for you to deal with the estate.
Once all assets have been realised and all debts paid, including any loan taken out to pay Inheritance Tax, you may distribute the estate in ance with the will or rules of intestacy.
In many cases, if most of the assets have been collected then an interim payment can be made to the beneficiaries, as long as enough funds are kept back to cover any outstanding costs. Once these final costs or disbursements have been paid, the remaining funds can be distributed to the beneficiaries.
After someone dies, someone (called the deceased person's 'executor' or 'administrator') must deal with their money and property (the deceased person's 'estate'). They need to pay the deceased person's taxes and debts, and distribute his or her money and property to the people entitled to it.
