I a beneficiary of an estate cannot be found, how can the other beneficiaries get the money released?
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I a beneficiary of an estate cannot be found, how can the other beneficiaries get the money released?
I am part of an inheritance that includes many family members. This has been held up for some time due to the fact that one of the people cannot be found. A private detective was even hired to find this person but there is no information if this person is living or dead. This money is being held by a law firm in at this time. What can be done to get this money released?
Asked on January 20, 2012 under Estate Planning, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the entire distribution of an estate is being held up due to the inability of the law form to locate one of the beneficiaries, what needs to be done is for the law firm representing the estate to file a petition with the court allowing for a partial distribution of the estate's assets to the known beneficiaries.
In the petition, the court will be asked to allow a distribution of estate assets to the known beneficiaries and the share of the estate of the one beneficiary who cannot be located will be held in a trust account bearing interest assuming his or her share is cash.
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