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Remove Executor - The Master - Release Funds?
I realise those reading this post will probably correctly presume that the scenario I describe brings up many other issues and questions. Firstly I want to focus on the following specific questions:
Scenario
2 Executors ( both are beneficiaries) + other beneficiaries.
After legal advice one executor has received funds from a bank and has invested it for the benefit of the estate in the highest paying quick access account. All beneficiaries informed.
Another executor has control over other assets and is gaining benefit from those assets.
She has confirmed that she will not be making those benefits available to the estate.
The other executor and beneficiaries will be seeking her removal as executor (I know, not the most ideal option, lots of costs and unknown outcomes - but lets assume that is what is needed.)!
Assume the Master is satisfied that all the assets of the estate have been accurately collated and that the above is true, but needs some more information before (s)he can remove the errant executor, can the Master make the following decisions before a final decision to remove the errant executor?
1. Direct Executor 1 to disburse the assets he holds to a. All beneficiaries OR b. All beneficiaries other than the "errant" executor who is holding assets and refusing to release them.
2. Direct Executor 1 to apply for Probate, which he will approve without the need for the errant executor to sign and agree.
I am assuming it is probably that neither of the above can occur until, and if, the errant executor is removed.
Thanks NeedHelp2
PS Will be happy to receive any further general advise about this matter.
Scenario
2 Executors ( both are beneficiaries) + other beneficiaries.
After legal advice one executor has received funds from a bank and has invested it for the benefit of the estate in the highest paying quick access account. All beneficiaries informed.
Another executor has control over other assets and is gaining benefit from those assets.
She has confirmed that she will not be making those benefits available to the estate.
The other executor and beneficiaries will be seeking her removal as executor (I know, not the most ideal option, lots of costs and unknown outcomes - but lets assume that is what is needed.)!
Assume the Master is satisfied that all the assets of the estate have been accurately collated and that the above is true, but needs some more information before (s)he can remove the errant executor, can the Master make the following decisions before a final decision to remove the errant executor?
1. Direct Executor 1 to disburse the assets he holds to a. All beneficiaries OR b. All beneficiaries other than the "errant" executor who is holding assets and refusing to release them.
2. Direct Executor 1 to apply for Probate, which he will approve without the need for the errant executor to sign and agree.
I am assuming it is probably that neither of the above can occur until, and if, the errant executor is removed.
Thanks NeedHelp2
PS Will be happy to receive any further general advise about this matter.
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