Disbursement of Estate

Janto40

Hi
Can disimbursement take place of the monies left in bank accounts prior to a property being sold?
The money has been left to 5 beneficiaries the house to 7 beneficiaries (2 of which are inlcuded in the 5 that inherit the monies)

getmore4less

As long as you are happy all the debt are clear interim payments are allowed.

keep enough cash to pay the bills that will come in during the administration.

dzug1

And take account of the possibility that the house might not sell at the desired price, and that you could have paid out too much to some of the beneficiaries which they will kick up rough about paying back

madbadrob

Yes I dont see why not. The fact that this money is left to 5 people means that you just share it 5 ways. Assuming that is that the house sale is a separate issue from the money from the house which it looks like it is.

Rob

bouncydog1

During the administration of late MIL's estate DH made a couple of interim payments to beneficiaries accompanied by a full set of accounts.

getmore4less

Does the will specify where the costs of selling the house come from?

Residual or house proceeds

Janto40

The will doesnt specify unfortunately.

Mojisola

Janto40 wrote: »

The money has been left to 5 beneficiaries the house to 7 beneficiaries (2 of which are inlcuded in the 5 that inherit the monies)

Janto40 wrote: »

The will doesnt specify unfortunately.

What's the wording of the will, eg "the house is to be sold and the money distributed between the named people".

If so, I think you need to keep enough back from the rest of the estate to pay all the bills, including the costs of selling the house.