We’ve been helping a client wind up an estate.
Unfortunately, she started without us, and distributed a lot of what should have been the residuary estate to the intended beneficiaries, including herself.
However, it then turned out that the unallocated assets were insufficient to cover the liabilities of the estate.
So a proportion of the specifically allocated assets are needed to cover all the liabilities.
This could result in land that has been distributed to one beneficiary having to be sold, if the beneficiary is not prepared to pay the shortfall back to the estate.
All this requires a massive spreadsheet, which luckily is a forte of mine.
Added to the mix is a pending application from the deceased’s 3 estranged children, although the 6 month time limit has expired and they now need the leave of the court to make the application.
So for assistance with winding up estates, see Michael Paterson & Associates.