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DEBT OWED BY BENEFICIARY

 

One question which executors (or estate administrators) find quite challenging is: What action can be taken concerning a debt owed to the estate by a beneficiary of the estate? We have provided advice to executors and administrator on the procedure to be taken in such cases. This is a difficult problem where the beneficiary does not have the funds to pay the debt before the assets of the estate may be distributed.

A recent case concerned a loan which had been obtained by the deceased and his de facto spouse (“W”). The bank was given a mortgage of the residence solely owned by the deceased to secure the loan. It had been agreed that the bank could, if necessary, proceed to recover the loan from either the deceased or W or both of them. (more…)

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Superme Court confirms $1 million Inheritance

 

NSW Trustee and Guardian v Hirsch [2013] NSWSC 1397

It is not often that a lawyer can say to his client that she is $1 million better off as a result of his work.  Yet that was the happy experience we had on 24 September 2013 when we wrote to our client in Brooklyn in the State of New York, USA.

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