NSW Terms of the will and paying expenses for property

Discussion in 'Wills and Estate Planning Law Forum' started by Maria Pickles, 19 April 2019.

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  1. Maria Pickles

    Maria Pickles Member

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    I am co-executor for my fathers will with 10 beneficiaries.
    The house is to be left for children who wish to live in the house for 8 years and then sold.
    The children who live in the home shall keep the home insured and pay rates,taxes levied on the home and shall keep it in good repair.

    2 of the children are living in the home. One is my brother 42 years who has never left the family home.
    They pay electricity and water rates only. 4 of the other family members are over 50 years and do not own any property.

    There are accounts that can be distributed once probate is granted. Should we hold back some of these funds in case there is a dispute?

    As executors are we responsible for paying the rates and insurance until probate is granted?
    Can we ask those living in the house to pay these costs under an agreement?

    Do we need to make additional provision for the youngest brother who has not left the home due to a mental illness? My father was clear that he provided enough time for him to set himself up to live indepentantly he has saved over $100,000.
     
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