QuoteReplyTopic: Rights of Beneficiary Posted: 12/January/2009 at 16:37
Hi, my fiance and I have found ourselves in a situation and we are unsure of our legal stance.
My fiance's father past away several months ago, and the will states that the assets are to be split equally between the 3 daughters (one of them being my fiance). One of the sisters and a brother of the deceased are the executor's of the will (however, my fiance is not one of the executor's, but is a beneficiary).
The problem now is that the executor's want to hold onto the house for a year or two before selling it in an attempt to increase the value. We on the other hand see this as not beneficial since we have to pay rent during this time. We would rather than use the inheritance as a large deposit for a buying a house and have our money going into such an asset instead.
The other issue is that this decision is speculative on the value of the property in 1 or 2 years time and it doesn't really help the situation since the price of a house we buy would also increase.
My question is, do the beneficiaries have a right to contest this decision?
Which state in Australia is probate being handled?
Executors can get carried away with this power trip position. Quite simply the job of the executors is to distribute property or funds to finalise the estate. They are not there to play Skase,Bond or Groves.A lot of the outcome depends on how the will is written. Let readers know which state of au the estate is in and it will make it easier for members to help out. I will provide some more info for you shortly.
Thanks very much. The probate is being handled in Queensland.
We are still sorting this out but at this stage it looks like it's going to go peacefully and the house will be sold. We are waiting on the death certificate, and until that happens it seems everything is on hold.
The hardest part for us is the lack of communication, we like to know what's going on and we don't really know our rights as beneficiaries.
The executor and her ex-husband have been dealing with everything without letting us know what decisions are being made. We are wondering if there is any way we can contact the lawyer involved and find out what's going on.
Layman lesson #1:Use a solicitor for all communication between yourselves and the executors. Maybe once a month or so put forward your questions to the executors through your solicitor to keep track of the process. The cost of a couple hundred dollars every month or two is a small price to pay. Believe me. I am in the middle of an estate matter at the moment with cash assets only with well over 12 months elapsed since death and still no full distribution. You would think by their conduct that they are dealing with Packers billions or something.
Executors will be able to delay or hold up the distribution just by being slack, unavailable or for a payback on personal issues.
The advice i received from my solicitor is that the succession law is a bit grey and as such is open to a lot of legal interpretation. Quite simply it goes like this: An intention to claim against the estate must be provided to executors within 6 months of death. That action must be initiated within 9 months of death.If probate is required try to ensure it is applied for as soon as is legal to do so. If after 12 months of death the estate is not distributed you may apply to the supreme court to have your entitlement made. Do your homework. Below is some links to sites that may help you. As real estate is involved you will have to wait and see when the house may be legally sold by the executors and either disributed or cash invested. Make sure you look at tax issues even if you have not yet received funds. According to the ATO if you are named in a will you maybe liable for taxation for the income earned while held in trust by executors.
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