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Legal question for succession regarding executor dispersing funds
Posted on 9/21/16 at 1:18 pm
Posted on 9/21/16 at 1:18 pm
Is there a set time an executor has to distribute funds in La once a the Judgment of Possession is signed by the Judge? Someone told me it was 37 days. Assets are cash and stock. The cash is at 3 different banks. Executor says he wants to go to two of the banks withdraw funds to deposit into one institution and cut checks from one account which seems reasonable. He says it takes a week or so for the bank to read over the court papers in order to withdraw funds.
2
Posted on 9/21/16 at 1:20 pm to lsufan1971
The cash should not take long. The stocks on the other hand is a different story depending on the relationships.
Posted on 9/22/16 at 9:26 am to lsufan1971
As soon as practically possible. The JOP plays the heirs in ownership as of the date of signing, so any unnecessary delays just cause further issues.
I don't understand why the executor wants to put all the funds in one account first. That seems like an unnecessary delay of time. Just look at who is owed what, and cut checks or do wires accordingly.
If the stocks are held in an investment account, the easiest thing usually is for all the heirs to open accounts at that place, and they can just do an internal transfer. Later on if you want to pull out your individual assets, you can do so. You can also set up your own account somewhere else and do a transfer form, but that takes time.
Yes, it could take a few days for the banks to review the legal documentation.
I don't understand why the executor wants to put all the funds in one account first. That seems like an unnecessary delay of time. Just look at who is owed what, and cut checks or do wires accordingly.
If the stocks are held in an investment account, the easiest thing usually is for all the heirs to open accounts at that place, and they can just do an internal transfer. Later on if you want to pull out your individual assets, you can do so. You can also set up your own account somewhere else and do a transfer form, but that takes time.
Yes, it could take a few days for the banks to review the legal documentation.
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