VIC Will - Are There Penalties for Withholding Estate Property from Beneficiaries?

[John Anderson]

Hello and thank you for your help

A will was read in 1993. An amount of $25,000 was not distributed to three beneficiaries each. Probate was granted 28 April 1993. The monies are retained by the Administrator ( A Law Firm) in the trust account.

What financial penalties (penalty interest) are there if any for delaying payment? Second, who is responsible for the penalties if there are any, and third, are there any criminal penalties for withholding the disbursements without explanation and who would be accountable?

One of the trustees is a CPA Accountant and is also my accountant. I am one of the beneficiaries.

 

[John Anderson]

What options are available if you believe a later will was executed but not read by the Trustees?

 

[Tim W]

You have asked this question elsewhere.
Perhaps it's best to wait for an answer in one place.

 

[Sophea]

Hi John,

I assume that the estate has been administered, but the law firm is holding the amounts as trustee as legal Personal representative of the deceased. What is their reason for holding the funds on trust? Does the will stipulate that someone must reach a certain age before they receive the monies or something? Or is there an impediment to the transferring the funds?

Generally an executor of a will should distribute the estate within 1 year, however, it depends on the specific terms of the will and the circumstances of the beneficiaries etc.

I have never heard of an executor facing criminal sanctions for delaying in distributing an estate, however, they may be liable to the beneficiaries for the interest lost.

 

[John Anderson]

Hi John,

I assume that the estate has been administered but the law firm is holding the amounts as trustee as legal Personal representative of the deceased. What is their reason for holding the funds on trust? Does the will stipulate that someone must reach a certain age before they receive the monies or something? Or is there an impediment to the transferring the funds?

Generally an executor of a will should distribute the estate within 1 year, however it depends on the specific terms of the will and the circumstances of the beneficiaries etc.

I have never heard of an executor facing criminal sanctions for delaying in distributing an estate, however they may be liable to the beneficiaries for the interest lost.

Thank you Sophea.

The Trustees agreed not to disburse the monies because other siblings (two sisters) were excluded from my father's wishes. What penalties apply in these circumstances? There were no restrictions on the enduring legacy of $25,000 that was left to my two brothers and I. I was of the understanding that such conduct was criminal in nature owing to one of the Trustees being my CPA Accountant. Also are there any financial damages payable by the Trustees now that the will is with Public Records and I have cited the record?