Partial Distribution of Estate

[finroller]

I am executor for my father's estate. It consists primarily of his residential home and a commercial office building.
The office building has been sold with the residential property being prepared for sale but may not be ready for a few months.
There is one non-resident beneficiary and I have been told because of this no distribution can be made until both properties are sold. This does not seem logical to me.

 

[Thirsty]

What is your question?

 

[Johnno75]

I am executor for my father's estate. It consists primarily of his residential home and a commercial office building.
The office building has been sold with the residential property being prepared for sale but may not be ready for a few months.
There is one non-resident beneficiary and I have been told because of this no distribution can be made until both properties are sold. This does not seem logical to me.

Presumably you have a Solicitor advising. Follow their advice.

We don’t know the terms of the will in terms of its directions, number of beneficiaries etc. Also, we don’t know the position as regards the debts of the estate. Presumably whoever told you that no distribution can be made had good reason to so advise.

That’s said, I have heard of partial distributions in solvent estates.

 

[finroller]

In general where there are no disagreements among beneficiaries and no debts and the estate consists of two properties, can a distribution be made after the sale of one of the the properties.

 

[noproblem]

I know a close friend who was left a business premises and land in a will by a relation. The place was going through auction just before the person died, and one other person named in the will was left money, or residue, as they say in legal terms. Well, to cut a long story short. The person left the residue got everything because the place was sold and everything became residue and the will was never changed. Such is life, but when writing a will words mean an awful lot.

 

[Johnno75]

money, or residue, as they say in legal terms

Not necessarily so.

The residue of an estate is the remainder of the estate that is left over after all the specific bequests have been devised. The person to whom the residue is left in the will is the residuary legatee.

The residue can include land and buildings, and often does. In many cases, the residue is the lion’s share of the estate.

 

[noproblem]

Not necessarily so.

The residue of an estate is the remainder of the estate that is left over after all the specific bequests have been devised. The person to whom the residue is left in the will is the residuary legatee.

The residue can include land and buildings, and often does. In many cases, the residue is the lion’s share of the estate.

In the case I mentioned the person left the residue got everything. The sale of all assets went ahead and the proceeds became residue. Top legal advice was got and that is what happened. The solicitor administering the will understood what "was" originally to happen, and what the persons wishes were, but a new will, nor an update of the original was ever made. Sad, but it happens.