Beneficiaries and Executors

Discussion in 'Wills & Estate Planning' started by geoffw, 1st Jan, 2019.

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  1. geoffw

    geoffw Moderator Staff Member

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    My father passed away a little while back, and my two sisters are executors and one-third beneficiaries.

    I really trust one sister, but the other one- the active executor- is showing herself to be very mean-spirited.

    Is there a way that the actions and distributions of the executors can be audited?

    I'm already wary of advice received that distribution of the estate can't take place until the next financial year, due to the necessity to lodge my father's tax return.
     
  2. Propertunity

    Propertunity Well-Known Member

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  3. geoffw

    geoffw Moderator Staff Member

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    Thanks, @Propertunity. He had reached the end of a long innings.

    It's not quite the same thing as that other case.

    The estate is quite simple really. There's cash, some shares which will be sold (if they haven't already), and a nursing home deposit. So no property to be disposed of.

    What I'd like to know, is that when the assets are distributed, are the books public? Is there a way that it's been done fairly?
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes you can ask the executors to account for everything and this can be ordered by the supreme court if necessary
     
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  5. geoffw

    geoffw Moderator Staff Member

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    Great. Thanks Terry.
     
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    As a executor has a position of trust they are obliged to account for the deceased property and discharge of obligations (eg tax, debt, expenses etc) and to make a report to beneficiaries. It is a fiduciary obligation. It is good practice for the final report to be issued and the approval of beneficiaries obtained just prior to distribution to ensure beneficiaries dont make a claim or objection to accounts after distribution. The executor/s may be liable if trust assets are not available as they have already been paid.

    Applying to have accounts passed and applying for commission
     
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