New York | Wills and Trusts
Partial distributions
I am Executor of estate whose beneficiaries are myself and two brothers. One brother, due to his own poor financial state, is pressing for partial distribution of the estate. Total estate is about $650K, with modest debts and taxes owed. The deceased had excellent insurance coverage (Medicare + private) and as of 4 months post-death I haven't received any bills for balance due on medical bills.
(1) How do I know what is appropriate, fair amount? I know estate must stay open 7 months from date Letters issued. I certainly want to reserve funds for unforseen creditors, but am being pressured to distribute as much as possible.
(2) Do I need written receipt from heirs, should I obtain if I do distribute some funds, or is returned check sufficient proof?
Thank you for your assistance.
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