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This is money or property given to a beneficiary before the time for distribution of his or her share. It is deducted from the share and bears interest unless interest is waived by the governing instrument. In a probate estate money or property can be given to the beneficiary before the time for creditor's claims being filed has expired, but the executor or administrator should get a refunding bond (a promise to repay) which is backed by a surety (an insurance company).
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Donald M. Thompson * 55
W. Monroe #3950; Chicago, IL 60603 - Illinois Probate Law Office |
