VIC Applying for Partial Distribution of Deceased Estate?

Discussion in 'Wills and Estate Planning Law Forum' started by AmandaH, 15 November 2018.

  1. AmandaH

    AmandaH Member

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    My brother and I are co-executors of my late mother's deceased estate. Our mother passed away January 29th this year (2018). We have a lawyer, however I am getting no response from emails I have sent to him. Last correspondence was 23rd February, advising a Grant of Probate would be necessary. I know that a notice of intention to apply for a Grant of Probate was published on 9th March 2018.

    All information i.e bank accounts, investment funds management, death certificate were supplied prior to this. My mother had been in an aged care facility for the past 6 years, all assets were sold/distributed at this time. My brother was to supply our lawyer with the last taxation return...he has still not done so.

    My question is...can a partial distribution be made whilst awaiting tax information to be supplied?
     
  2. Paul Cott

    Paul Cott Well-Known Member
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    Hi Amanda,
    A partial distribution can be done so long as enough is left in the estate to distribute to all the beneficiaries. It is best to be overly cautious in that regard.
    Hope that helps.
    Paul Cott.
     
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  3. Rod

    Rod Well-Known Member
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    Keep in mind tax implications are a wildcard item in that the tax debt can be next to nothing, or the debt can be large.

    A lawyer would be wise to advise against partial distribution until an estimate of the tax debt is known. Executors who make partial distributions can become personally liable to the tax office if the remainder of the estate is insufficient to pay the tax debt.

    The best thing is to get the tax return done and back to the lawyer.
     
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