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Hi I am new .can someone help .can a administrator of an estate with no will .divide* money to beneficiaries, from her own bank account .even though the property hasnt been sold thanks*
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Why would any personal representative* want to distribute money from their own account prior to any property being sold?
Is it proposed to distribute the full value of the property prior to sale?* (just thinking of the risk if it doesn't make its full value)
Have letters of administration been granted?
If you were to distribute before realising the value of the asset (and no reason why not) you would have to make further payments if the property obtained a higher amount. In other words you distribution would have to be regarded as an interim payment only.*
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Hi I know we are confused by this, she says she has transferred the deceased money from bank accounts into her own .we dont know whether to trust her .she said she was going to pay beneficiaries money out of bank account .before the house has even sold .can she do this with the rules of intestate*Comment
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So it is not you!
Assume the person concerned has letters of administration.
A prudent person would transfer any monies into a separate account. It is just too easy to become confused with all the costs entailed in settling even a small estate (been there, done that and got the Tee shirt and currently doing it again!)
There is no reason why she should not distribute to* the beneficiaries any funds she already has to hand as interim payments.
When the property is finally sold a final distribution can then be made, and final accounts be balanced.Comment
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Thankyou for your help should she have put it in a separate estate account has I have read on different sites .Comment
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She doesn't have to put it in a separate account, it's not a legal requirement, but she does need to keep meticulous records.
Keeping the money apart from her own is just a sensible thing to do, and I can't understand why she would notComment
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