Legal Question in Wills and Trusts in New York
Refund Claim on Beneficiary: Should I Sign?
I am the residual beneficiary of an estate in New York worth about $500,000. All but about $15,000 of the assets that I am entitled to have already been distributed to me.
The lawyer for the executor has now sent a release form for me to sign and notarize. The document roughly states that in case the estate is exposed to any liabilities after the money is distributed to me, the estate can get a refund from me to cover the liabilities. The lawyer says I need to sign and notarize this document in order to receive the remaining assets.
Is this normal in an estate and should I sign this document?
Thank You.
2 Answers from Attorneys
Re: Refund Claim on Beneficiary: Should I Sign?
This the proper practice. If any unknown obligations of the estate arise in the future you would have been overpaid and in fairness you are obligated to use that overpayment to pay the obligation.
Keep in mind that over time claims are barred by the pertinent statutes of limitations.
Re: Refund Claim on Beneficiary: Should I Sign?
absolutely necessary, both to confirm your receipt of your share of the estate, but also so the executor can complete any remaining matters with the Probate Court and close out the estate. As long as you are sure you received all to which you are entitled, sign the form.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
