Partial disbursement of inheritance money

What is the name of your state? NY NJ Decedent & probate court is in NJ Estate bank acct is in NY
Can estate money be disbursed to the beneficiaries partially if all beneficiaries are agreeable to this arrangement? One of the beneficiaries needs money now. Money from sale of house is available to withdraw. Estimated inheritance taxes is being held in escrow. A sizable amount of $$ will be kept in the bank in case the taxes turn out to be more than expected. All beneficiaries have a good relationship. Thank you!!

NYDST5611 said:

What is the name of your state? NY NJ Decedent & probate court is in NJ Estate bank acct is in NY
Can estate money be disbursed to the beneficiaries partially if all beneficiaries are agreeable to this arrangement? One of the beneficiaries needs money now. Money from sale of house is available to withdraw. Estimated inheritance taxes is being held in escrow. A sizable amount of $$ will be kept in the bank in case the taxes turn out to be more than expected. All beneficiaries have a good relationship. Thank you!!

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There are no medical or other bills that need to be paid? They get paid first.

Partial distribution CAN NOT be made. If someone needs money they need to apply to a bank or credit union for a loan.

appreciate your responses. All med bills, utilities, etc. are paid. I'm curious as to per who or what a partial distribution can not be made. I wonder who will know? NJ surrogate's court told me I didn't have to file any"closing paper" with the court once estate is settled which is why I say "who's going to know". The court said that if I wanted to file closing papers with them I could, but it would only be for my own protection (if any beneficiary questioned the distribution). They also told me if I do file, just file the form (I forget which) the beneficiary signs acknowledging they were given their share. The court also said, an accounting isn't necessary to file & suggest not doing it because it's $5 a page & gets costly. This isn't that big an estate and very unlikely for any battle between beneficiaries.

The term is not partial distribution, but preliminary distribution. You will have to go through the court, and it is a good idea to distribute proportionally to all the beneficiaries. See an attorney on how to do this.