What is the name of your state?My wife and I along with 2 other relatives found ourselves executors of a very small estate (less than $3,000). All of the final tax return paperwork was completed by and accountant and all that remains is to divide up the remaining funds among the beneficiaries and send out the cheques.
The disbursements was structured in the will so that 2 individuals would receive $5,000 each, 2 others $1,000 each and another 2, $500 each. Any remaining funds were then to be divided equally between six parties, some of who were included in the specific amounts above and some who were not.
I am presuming that since the estate is less than $13,000 which is the threshold where everyone named would get the share that was named in the will, that we would instead simply pro-rate the proceeds among the those first six beneficiaries. The other six beneficiaries would be left out due to lack of funds.
My question is whether the executors are obliged to send a reconciliation to everyone named in the will even though they would not be receiving any of the proceeds, and secondly how much detail of the financial affairs is it necessary to provide to the beneficiaries when the final cheques are distributed?
The disbursements was structured in the will so that 2 individuals would receive $5,000 each, 2 others $1,000 each and another 2, $500 each. Any remaining funds were then to be divided equally between six parties, some of who were included in the specific amounts above and some who were not.
I am presuming that since the estate is less than $13,000 which is the threshold where everyone named would get the share that was named in the will, that we would instead simply pro-rate the proceeds among the those first six beneficiaries. The other six beneficiaries would be left out due to lack of funds.
My question is whether the executors are obliged to send a reconciliation to everyone named in the will even though they would not be receiving any of the proceeds, and secondly how much detail of the financial affairs is it necessary to provide to the beneficiaries when the final cheques are distributed?