Probate 103 – Distribution According to the Last Will and Testament
The last step of an estate is everyone’s favorite – distribution. After all the estate’s property has been marshaled and liabilities have been paid, the executor can begin the process of distribution according to the Last Will and Testament. The executor should wait 7 months for any creditors to submit their claims to the estate. It also may be advisable for an executor to withhold some funds as a precaution in the event another claim was to surface against the estate.
Listed below are some of the steps the executor should take before distributing the estate:
- Set up Trust- If a trust is specified in the Will, the executor is responsible for setting up the trust or withholding funds until a beneficiary turns a certain age.
- Specific Bequests- Distribute specific bequests
- Create Informal Accounting- An informal accounting will be created which details all the assets marshaled, administration expenses, and the amount that is set to be distributed to each person according to the Will. This document will be sent to the beneficiaries listed in the Will.
- Release and Receipts- The releases will release and indemnify the Executor from liability and agree to the amount being distributed to them according to the Will. It is important that release and receipts are received by all parties prior to distribution.
- Distribution- Checks will be made out to the residuary beneficiaries or to any testamentary trust.
Miller & Miller Law Group PLLC, is here to assist in all three phases of Probate. For more information or to schedule a consultation with Miller & Miller Law Group PLLC, please feel free to give us a call at (718) 875-2191 or fill out a contact form.