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A few questions

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Laddy View Drop Down
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Joined: 20/July/2009
Location: Australia
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  Quote Laddy Quote  Post ReplyReply Direct Link To This Post Topic: A few questions
    Posted: 20/July/2009 at 15:23
Hello, My eldest sister was made executive of the will, but has passed on so very little info regarding what is actually in the will or where proceedings reside. What I do know is she has decided not to sellthe family house for 5 years or so,instead she's going to rent it out.Does she have the right to do this? the will doesn't say that. Also there is stocks and bonds which she's not willing to cash in (due to the market, should'nt these be equally devided so we can do what we want with them?
My middle sister borrowed a large sum of dad 1 year before he passed, to purchase a unit, should this debt be paid by her back in to the trust?
There seems to be little if no transparency in these proceedings. Can I ring the solicitor and ask for a detailed inventory of the entire estate? I just wish my sister was forth coming with this info. I only got a copy of the will because my mildly mental ill sister told me she could send me a copy. Would appreciate your views on this matter

MartinO View Drop Down
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Joined: 02/March/2009
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  Quote MartinO Quote  Post ReplyReply Direct Link To This Post Posted: 20/July/2009 at 16:42
I'm not sure if I understand your questions. But I'll try to answer.

As I understand it your sister was made executor to your parents will? Is this correct?

I take it the last of your parents have died and your sister made some decisions but has herself died since this? Is this correct?

The executor of a will can do only what the will allows. Often a will is couched in terms that give the executor the right to make decisions as to when and how property can be sold. But it depends on the actual wording as to whether your sister acted correctly. However if she has since died then the alternate executor assumes responsibility, if one was appointed. If not then one of the family could apply to the court to be appointed. And then make ongoing decisions, they will not be constrained by any decisions already made and could make new ones.

The borrowings will need to be accounted for to the estate, but this could wait till that person received their endowment from the estate.

If a solicitor was acting for your late sister in her role as executor, and you are a beneficiary then you could write to the solicitor for details of the estate and substitute executor, and urge that the estate be finalised. If you are a beneficiary then you are entitled to a copy of the will, (mentally ill sister or not).
I am NOT a lawyer. Anything said is NOT legal advice.

Please post your legal questions in a forum rather than sending a PM. Thanks.

Laddy View Drop Down
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  Quote Laddy Quote  Post ReplyReply Direct Link To This Post Posted: 21/July/2009 at 19:59
Hi Martino, no my sister( the executor) is not dead, but she is currently holidaying in Europe with her son. Both parents are dead and I'm off to have a thorough read of the will as I'm sure it says nothing about selling when the time is right.
What about shares and stocks? should they be devided to the beneficiaries and can I ask the solicitor for an itemised copy of the estate. Thanks Laddy

MartinO View Drop Down
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  Quote MartinO Quote  Post ReplyReply Direct Link To This Post Posted: 22/July/2009 at 12:25
Check the wording about the discretion given to the executor, most will contain something along these lines.

Yes, the stocks and shares do not need to be sold before distribution to the beneficiaries, however depending on the numbers they may not represent marketable parcels if divided. You could ask the solicitor handling the estate if it is possible for your share of the securities to be transferred to you now.
I am NOT a lawyer. Anything said is NOT legal advice.

Please post your legal questions in a forum rather than sending a PM. Thanks.

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