Closing of Estate
Started by TEA ENG PENG
0 points
TEA ENG PENG
It is important for a legal representative and estate trustee acting for an estate to do a proper closing. This is to prevent misunderstandings and future law suits by estate beneficiaries or creditors.
A proper discharge from the beneficiaries and creditors of the estate should be obtained before winding up the estate. The discharge should be in the form of signed receipts or acknowledgement by the beneficiaries and the creditors that their due shares or debt have been fully paid (or satisfied) and that they have no claims whatsoever.
0 points
TEA ENG PENG
It is important for a legal representative and estate trustee acting for an estate to do a proper closing. This is to prevent misunderstandings and future law suits by estate beneficiaries or creditors.
A proper discharge from the beneficiaries and creditors of the estate should be obtained before winding up the estate. The discharge should be in the form of signed receipts or acknowledgement by the beneficiaries and the creditors that their due shares or debt have been fully paid (or satisfied) and that they have no claims whatsoever.