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The job of the Executor. Illinois Illinois Illinois

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  • The job of the Executor. Illinois Illinois Illinois

    My father passed away this past July. He had a Living Will. He has a house and about 100,000.00 dollars in funds.

    My eldest brother is the executor his first duty was to collect any monies borrowed from his estate which for me was 6000.00. And another 6000.00 I borrowed from him (my brother) using our Fathers estate.

    He divided about half of the total funds between him and my two other brothers. I received nothing because I had to pay back the estate and him. I have no issues with paying him back. My issue is why did he have me pay back the full amount of what I borrowed (the 6K). I hope this makes sense.

    My question is this why didn't he take out/or give to me my share of the 6 thousand I borrowed? Dividing by 4 should have given us all 1500.00 from that amount...

    There have been other questionable concerns that I have since my brother and I do not get along.

    Am I thinking too much or am I right???

    Any response would be greatly appreciated.

  • #2
    Are you saying you borrowed a total of $12,000 from the estate - 6,000
    from the estate & another 6,000 from your brother out of the estate?

    All borrowed money should be paid back to the estate & the executor should
    distribute any money/assets due beneficiaries as per the will.

    PS Did you mean living trust? A living will just sets out your desire regarding
    medical treatment during a serious illness. Did he have a living trust or a
    regular will?
    Last edited by Betty3; 10-19-2010, 10:54 AM. Reason: add PS
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

    Comment


    • #3
      But wouldn't the money I paid back to the estate be a part of my portion anyway?
      Yes I meant a living trust.
      Thanks!

      Comment


      • #4
        Originally posted by Surgeprotector View Post
        But wouldn't the money I paid back to the estate be a part of my portion anyway?
        Yes I meant a living trust.
        Thanks!
        Are you a beneficiary of the trust? (I'm assuming so.) Generally, all money owed the trust is given back & then the trustee (executor) of the trust would distribute the money as per the trust instructions.

        However; if you were to get more than what you owed the estate, your brother could have let you keep the loan amt. & deduct it from your share.

        If you have some concerns re your brother's handling of the trust, you might contact an attorney to help you
        protect your interest in the estate/trust.
        Last edited by Betty3; 10-19-2010, 04:12 PM.
        Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

        Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

        Comment

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