Amongst others, I was named as a beneficiary in a deceased estate that had the potential to be declared bankrupt. The deceased was a sole business operator, who died in 2014 and had a lot debt, but also a substantial life insurance policy.
The business also had varying (relatively minor) assets such as FFE and stock. The executor of will made a part payment to debtors about almost 2 years ago, but retained $165k I believe in order to pay herself and her legal representative, The will gave her the right to take a fee, based on her time. I believe this has contributed to the excessively drawn out time it has taken to administer the estate. I hold no expectation of receiving anything but I am appalled at the lack of respect that has been shown to all concerned.
I had been advised that a final distribution was planned to take place prior to the deceased's 3rd anniversary. Upon hearing this I communicated an expectation of being furnished with a full summary of all estate income and outgoings, including an itemised account of any payments made from the estate to the executor and her solicitor. The 3rd anniversary has now passed with no advice of a finalisation.
About 10 days ago, I sent an email requesting an update but have heard nothing. I am simply wanting to find out where I stand in attempting to gain some transparency and hold the executor and/or her legal representative accountable.
The business also had varying (relatively minor) assets such as FFE and stock. The executor of will made a part payment to debtors about almost 2 years ago, but retained $165k I believe in order to pay herself and her legal representative, The will gave her the right to take a fee, based on her time. I believe this has contributed to the excessively drawn out time it has taken to administer the estate. I hold no expectation of receiving anything but I am appalled at the lack of respect that has been shown to all concerned.
I had been advised that a final distribution was planned to take place prior to the deceased's 3rd anniversary. Upon hearing this I communicated an expectation of being furnished with a full summary of all estate income and outgoings, including an itemised account of any payments made from the estate to the executor and her solicitor. The 3rd anniversary has now passed with no advice of a finalisation.
About 10 days ago, I sent an email requesting an update but have heard nothing. I am simply wanting to find out where I stand in attempting to gain some transparency and hold the executor and/or her legal representative accountable.