Beneficiaries of a Will Need to Be Timely with Complaints

A potential client called regarding issues with the executor of an estate.  The caller was a beneficiary under the Will.  However, it had been over 13 years since the Will was probated. 

It is important to be timely with any issues you might have when you are a beneficiary under the Will.  You want to make sure  you get the assets that you are entitled to receive.  You will impact your opportunity to obtain whatever monies you are due the longer you might wait to raise issues.

When a Will is probated, there are timeframes that must be met. The Executor is required to provide a status report to the Register of Wills within as well as file the inheritance tax return within 9 months of death. The estate can be closed out with either a final accounting to the court or a Family Settlement agreement.   If you are a beneficiary under a Will you have to be notified to properly closed out the estate.  You can obtain a copy of the probate file to see what has or is occurring.

Contact us for your probate needs and questions at www.ythlaw.com

Final Accounting - Estate Administration

The administrator or executor of an estate must do a final accounting prior to distribution to the beneficiaries.  The final accounting can be done formally, ie. filed with the court, or an informal family settlement agreement can be used.  Even in the informal accounting, all assets and expenditures must be addressed. 

A question was posed regarding signing a waiver and release which holds the administrator and the attorney harmless for any mistakes or errors as part of receiving a distribution from the estate. The waiver seemed overly broad and there were concerns about signing.

First, you should be clear regarding what you are signing and that may mean you have your own independent legal review of the waiver you are being asked to sign.  In many cases, such waiver can be modified to be more limited in scope since generally a broad one is used even in cases where its application is not appropriate. 

For expert estate administration advice and guidance, contact us at http://www.ythlaw.com/

Probate - Estate Administration

If you are the executor or administrator of an estate, remember the following when closing out the estate:

1. Make sure all deeds are properly titled to the beneficiary/ies.
2. Make sure all final forms are submitted to register of wills, including final status report; any formal accounting; or family settlement agreement.
3. Make sure final approvals are obtained regarding inheritance tax filings.
4. Make sure you close out the estate account after everything is finalized.

This is a helpful checklist of things that often get overlooked. However, it would be to your benefit to consult with a professional probate attorney. We have that expertise. Contact us at www.ythlaw.com