Hi,
My brother and I were nominated beneficiaries for my late mum's funeral insurance fund plus we are both Executors to my mum's estate . The funeral insurance policy was not part of the will. After funeral expenses were paid, the remaining $1800 were placed into a bank account with the intention of using it to put towards a headstone. We have a sibling (estranged) that is a beneficiary to the estate that is saying the excess money is to be added to the estate.Is this the case? I have searched online for answers cannot find an answer.
Also my brother is considering buying out my sister's share of mum's house, which was to be divided equally between the 3 of us. Is he required to get a market valuation or independent valuation of the house?
Thanks in advance
Sue
My brother and I were nominated beneficiaries for my late mum's funeral insurance fund plus we are both Executors to my mum's estate . The funeral insurance policy was not part of the will. After funeral expenses were paid, the remaining $1800 were placed into a bank account with the intention of using it to put towards a headstone. We have a sibling (estranged) that is a beneficiary to the estate that is saying the excess money is to be added to the estate.Is this the case? I have searched online for answers cannot find an answer.
Also my brother is considering buying out my sister's share of mum's house, which was to be divided equally between the 3 of us. Is he required to get a market valuation or independent valuation of the house?
Thanks in advance
Sue