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Can the trustee of a will give items of the estate to non beneficiaries and refuse an interim distribution to the stated beneficiaries?
The trustee under a will MUST distribute the estate according to the provisions in the will. The trustee does NOT have the authority to make gifts to non-beneficiaries unless that power was granted in the testamentary trust. The trustee should be reported to the court that appointed her/him for mishandling their authority and the estate. You should ask the court to appoint a successor trustee.
What else can I help you with?
Explain Interim distribution of estate funds?
interim distribution
What does getting an interim payment from a will mean?
An interim payment from a will refers to a partial distribution of the estate's assets to beneficiaries before the estate is fully settled. This typically occurs when the executor has determined that sufficient funds are available, allowing beneficiaries to receive immediate financial support. Interim payments are subject to adjustments once the estate is fully administered, ensuring that the total distributions align with the final value of the estate.
Can an estate gift money to beneficiaries?
Yes, an estate can gift money to beneficiaries through a will or trust as part of the distribution of assets after the owner's death.
How long does it take to get final distribution payment from trustee of will after all expenses have been paid?
The time it takes to receive the final distribution payment from the trustee of a will can vary significantly, typically ranging from a few months to over a year. Factors influencing this timeline include the complexity of the estate, any disputes among beneficiaries, and the efficiency of the probate court process. Once all debts and expenses are settled, the trustee usually distributes assets within a few weeks to a few months, depending on the circumstances. It's advisable for beneficiaries to maintain communication with the trustee for updates.
Can a trustee of an estate be challenged by a benificiary?
Yes trustee of an estate can be challenged by a beneficiary. When acting as the trustee you have to deal with not only people but also money you may worry more about the money part but really you have to worry about the people because it can be more challenging. Been a trustee can be easier if you have cordial dealings with truthful beneficiaries.
What is a discretionary beneficiary of a will?
A discretionary beneficiary of a will is an individual or entity that may receive benefits from a trust or estate based on the discretion of the trustee or executor. Unlike a fixed beneficiary, who is entitled to a specific amount or portion of the estate, discretionary beneficiaries' distributions depend on the trustee's judgment regarding their needs or circumstances. This allows for flexibility in asset distribution, adapting to changing situations over time.
Is an executor of a will in Queensland a Trustee?
Yes, an executor of a will in Queensland is also considered a trustee. The executor's role includes managing the deceased's estate and distributing assets to the beneficiaries in accordance with the terms of the will, which involves acting in a fiduciary capacity similar to that of a trustee.
Is land sold need to be reported on taxes from an estate?
Yes someone is supposed to report the sale of the land from the estate and if pay any income taxes that may be due on the sale of the land from the estate. The trustee or administrator of the estate or the beneficiaries of the estate.
What can you do if an irrevocable trust was left to 5 beneficiaries and one tries to sale the property without the knowledge of others?
The title to property in a trust is in the name of the trustee. Only the trustee has the authority to sell the trust property. A sale by one of the beneficiaries would be void since the beneficiaries do not have title to the property. If the property is real estate, a deed from one of the beneficiaries would not convey the property and would not be acceptable to the buyer. The deed must be executed by the trustee as set forth in the trust instrument.
After probate has been granted do you have to wait for the property to be sold before you can distribute any money from the deceased bank account to beneficiaries?
In the UK: No. If you are confident no claims will be made against the estate and or you have waited the statutory period before distribution then you can make an interim distribution. It is wise to hold some funds back however in case the house does not sell for a long period of time and estate funds are needed for repairs
What does it mean to be trustee of a will?
Being a trustee of a will means that you are responsible for managing and distributing the assets of the estate according to the terms outlined in the will. Trustees have a legal obligation to act in the best interests of the beneficiaries and must follow the instructions outlined in the will faithfully.
Can estate be settled if property hasn't sold?
It is possible to settle an estate without selling property. As long as the distribution is approved by the court, the property can be transferred to the beneficiaries.
