What is the name of your state (only U.S. law)? NY
Background: My mother-in-law died a week ago and she appointed my brother-in-law as executor of the estate. We'd like to distribute the assets as soon as possible. My question is how soon can we do so? I found the following statue:
§ 1802. Effect of failure to present claim
If any claim is not presented on or before the day fixed in the notice
published pursuant to the preceding section or if no notice is so
published, within 7 months from the date of issue of letters, the
fiduciary shall not be chargeable for any assets or moneys that he may
have paid in good faith in satisfaction of any lawful claims or of any
legacies or distributions to the legatees or distributees of the
decedent before such claim was presented. Such 7 month period shall
begin on the date letters were first issued to any fiduciary, including
a temporary administrator or a preliminary executor, and shall not be
interrupted by any subsequent issue of letters, except that the time
during which there is no fiduciary in office shall not be counted as
part of such period.
I think it is saying that someone with a claim against the estate has seven months to make their claim, and if they don't make a claim by then, the executor is not liable for their claim. But, if the executor distributes the assets before seven months is up, he would be held personally liable for any claims.
My brother-in-law and my wife are the sole co-beneficiaries of the estate. We've paid most of my MIL's bills, with just a few more due.
Is there any reason we can't split the estate and then each pay half of any bills that pop up?
thanks,
toddmanqa
Background: My mother-in-law died a week ago and she appointed my brother-in-law as executor of the estate. We'd like to distribute the assets as soon as possible. My question is how soon can we do so? I found the following statue:
§ 1802. Effect of failure to present claim
If any claim is not presented on or before the day fixed in the notice
published pursuant to the preceding section or if no notice is so
published, within 7 months from the date of issue of letters, the
fiduciary shall not be chargeable for any assets or moneys that he may
have paid in good faith in satisfaction of any lawful claims or of any
legacies or distributions to the legatees or distributees of the
decedent before such claim was presented. Such 7 month period shall
begin on the date letters were first issued to any fiduciary, including
a temporary administrator or a preliminary executor, and shall not be
interrupted by any subsequent issue of letters, except that the time
during which there is no fiduciary in office shall not be counted as
part of such period.
I think it is saying that someone with a claim against the estate has seven months to make their claim, and if they don't make a claim by then, the executor is not liable for their claim. But, if the executor distributes the assets before seven months is up, he would be held personally liable for any claims.
My brother-in-law and my wife are the sole co-beneficiaries of the estate. We've paid most of my MIL's bills, with just a few more due.
Is there any reason we can't split the estate and then each pay half of any bills that pop up?
thanks,
toddmanqa