Results 1 to 2 of 2
  1. #1
    Join Date
    Sep 2010
    Posts
    1

    Default Executor's Duties When a Beneficiary Owes Money to Estate

    My question involves estate proceedings in the state of: Idaho

    If a beneficiary owes money to an estate and also received money as a gift (other beneficiaries are suppose to receive a gift but haven't yet), can the executor calculate it in when dividing up the inheritance? What if the amount owed and the gift are common knowledge (several witnesses) but not legally documented?

    This scenario hasn't occurred but could likely happen. Should the person who loaned the money get legal documentation like a promissary note both for the amount owed and the gift?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Executor's Duties When a Beneficiary Owes Money to Estate

    The executor presumably would list the debt as an asset of the estate, perhaps proposing a distribution in which the debtor's inheritance is offset by the amount of the debt. If the debtor wants to dispute the validity of the debt or amount owed, the debtor can bring an appropriate motion in the probate court.

    1. Sponsored Links
       

Similar Threads

  1. Trust Administration: Executor Being Asking by Beneficiary of Future Spendthrift Trust for Money
    By CST in forum Estate Planning, Administration and Probate
    Replies: 1
    Last Post: 11-10-2012, 06:57 PM
  2. Beneficiary Interfering with Executor's Duties
    By distressedmom in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 08-13-2009, 07:14 PM
  3. Executor Spent The Money From The Estate
    By dc62404 in forum Estate Planning, Administration and Probate
    Replies: 3
    Last Post: 11-30-2007, 08:30 AM
  4. Probate Court Procedure: Poor Estate Handling, With Executor Failing With Duties
    By sibling3 in forum Estate Planning, Administration and Probate
    Replies: 3
    Last Post: 04-21-2007, 11:11 PM
  5. Executor owes deceased money
    By meeko in forum Estate Planning, Administration and Probate
    Replies: 3
    Last Post: 12-15-2006, 07:26 AM
 
 
Sponsored Links

Legal Help, Information and Resources