Can an executor of a will withhold funds?
Can an executor of a will withhold funds?
If you've been named as the executor of someone's will, you need to know your rights and responsibilities. Although you may not be personally close to the person whose estate you're in charge of, you are now responsible for carrying out their wishes. Among your many duties is the responsibility to distribute the estate's assets according to the will's instructions. However, this doesn't mean that you have to hand over the cash right away.
This might sound shocking, but you have a legal right to hold back money from beneficiaries if there is a possibility that they may have a claim against the estate. For example, if there is a claim pending or if there has been a breach of contract, you can withhold money until any issues are resolved.
It's important that you don't hold on to money indefinitely; however; it must be distributed within a reasonable amount of time—generally within nine months after a probate is completed (the process by which a court makes decisions about wills and estates). The same goes for property: You can't put off distributing property indefinitely when specific people are named in the will; unless there is some reason why it can't be handed over immediately (such as because it needs repairs).
If you have any questions or need an Asset Protection Attorney, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
