June 18th, 2012
Some personal representatives take the position that they’ll either distribute all or none of the estate. Other personal representatives are willing to make a partial distribution of estate assets only if each beneficiary gets an equal partial distribution. Both situations can be maddening to a beneficiary who just wants to receive something from an estate rather than watch it sit in probate for years until there’s some liquidity.
Often, the personal representative’s justification for not making a partial distribution is illiquidity of estate assets. Where real property is involved, the current real estate market compounds the problem of illiquid estate assets. So, what’s a personal representative to do? A recent opinion out of Missouri gives personal representatives in that state some guidance. (more…)