Paying beneficiaries from a parent's estate.?
I am the executor for my mother's estate. I've paid out shared to my mother's beneficiaries but held some back in case I needed to pay estate taxes. I had a capital loss not a gain. So I need to divide the rest and pay it out so I can close probate. Here's my problem, one of my brothers is currently incarcerated for the next year and a half. He owes back child support. My lawyer said I can't put his share into a bank account for him for when he gets out. I dont think his lawyer is going to agree to hold it in a trust account until he is released. I also don't think I can close probate until I write all the beneficiaries their checks. What can I do to make sure he gets his share? I have full non intervention powers, so I'm thinking I should maybe just leave probate open till he gets out. Also, does my estate account need to be closed before I can close probate?
- curtisports2Lv 72 months ago
You should not have paid ANYONE until probate was closed. No, the estate account can remain open after probate is closed.
Your lawyer is incorrect that you can't put the brother's share into a bank account. You can, but that money can be taken by federal and state governmental entities. Which is why you do NOT want to pay anyone until probate has closed. Let's say you put money in that account, the money is taken, and then for some reason, you come up short and there is no money to pay any unforeseen estate debt, including any estate tax. You, as the executor who acted incorrectly, may be personally responsible, because you aren't getting that money back that was taken.
- STEVEN FLv 72 months ago
held some back in case I needed to pay estate taxes. I had a capital loss not a gain.
If you believe those are even RELATED, hire an estate attorney ASAP.
- PearlLv 72 months ago
i would ask your lawyer about it