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VIC Can Executor of Will Lease House Without Distributing Estate?

Discussion in 'Wills and Estate Planning Law Forum' started by john3125, 3 July 2016.

  1. john3125

    john3125 Active Member

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    I am asking on behalf of a friend of mine who's mother has passed away last year leaving her deceased estate between her 4 children. One of the children is the executor of will. Probate was granted soon after the death. There are no claims against the estate but 15 months later, settlement of estate has not happened. The executor wishes to buy the family house and has had it evaluated. The beneficiaries have all agreed to the price. They have all signed transfer of papers of the house to the executor in order to buy.

    The executor has put the house on the market for rent and is having open for inspection times. The estate has not been distributed nor has a draft of distribution been given to beneficiaries.

    Is this normal? Can anything be done?
     
  2. Sophea

    Sophea Well-Known Member

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    Generally, executors have approximately 12 months to wrap up an estate unless there is some major issue preventing that. It's not strictly 12 months, but just a guide. However, beneficiaries must be paid interest on monetary gifts that are paid after 12 months. Make sure they see to it that they are paid this interest on their entitlements. They can apply to the court to force the executor to distribute the monies.
     
  3. john3125

    john3125 Active Member

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    The main questions is, can an exectutor who wishes to buy house from estate rent the property before distribution has happened?
     
  4. Rod

    Rod Well-Known Member

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    Not sure about being able to rent, however the income should be considered as belonging to the estate not to him.
     

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