what goes in estate and what comes out?

[unsure executor]

I am a Maryland resident, and my father passed away earlier this month. I am executor of his will and I am getting conflicting advice on a few issues. My father's wishes were to split everything he owns 50/50 between my sister and me, this is my intentions. He has two life insurance policies, my sister and I are beneficiaries, does the money we receive come directly to us or do I have to put these monies into the estate account? Also, can I sell his home now or do I have to wait until the 6 month "probate" period ends? I do realize that any monies I get for his home and car(which are paid in full) prior to the end of the "probate" period will have to go into the estate account, my question is regarding time of sale for these items.

 

[BelizeBreeze]

I am a Maryland resident, and my father passed away earlier this month. I am executor of his will and I am getting conflicting advice on a few issues. My father's wishes were to split everything he owns 50/50 between my sister and me, this is my intentions. He has two life insurance policies, my sister and I are beneficiaries, does the money we receive come directly to us or do I have to put these monies into the estate account?

The money from insurance beneficiary passes outside of probate.

Also, can I sell his home now or do I have to wait until the 6 month "probate" period ends?

You can get permission to sell the home from the court.

I do realize that any monies I get for his home and car(which are paid in full) prior to the end of the "probate" period will have to go into the estate account, my question is regarding time of sale for these items.

asked and answered.

Now, did your father have a will?

 

[unsure executor]

Yes, Dad did have a will, I am now in the Inventory process, then I need to get together all the accounting info/receipts. In his will he wanted everything divided equally between myself and my sister. Thank you for your response it has helped me with my immediate issue of the life insurance checks.

 

[BelizeBreeze]

Yes, Dad did have a will, I am now in the Inventory process, then I need to get together all the accounting info/receipts. In his will he wanted everything divided equally between myself and my sister. Thank you for your response it has helped me with my immediate issue of the life insurance checks.

Well then you're on your way.

I'm sure your sister will enjoy the money. Is she single ????