How long does it take to distribute money from the sale of estate assets?
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How long does it take to distribute money from the sale of estate assets?
I am part of a will with 6 other family members. Part of the Will was a house. It was sold and the money from the house was sent to my stepbrother four weeks ago. He is the executor. How long can he keep the money before he has to send out the shares from the sale?
Asked on July 21, 2015 under Estate Planning, California
Answers:
M.H., Member, California Bar / M.H., Member, California Bar
Answered 8 years ago | Contributor
If the house is in probate, everything must be confirmed and approved by the court before making distributions.
That said, the executor will usually wait a reasonable time before making distributions because the executor must asertain all debts and liabilties against the property such as mortgages, real property taxes, capital gain taxes, etc.
Once the executor ascertains the net proceed amount, he or she will make the distributions to the beneficiaries. The executor's net proceed amount has to be accurate because if he or she overpays or underpays the benefciaries, the executor will be on the hook.
I hope this answered your question.
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