CASchneier
Junior Member
What is the name of your state (only U.S. law)? New York
I am the executor of my father's will. After paying funeral costs, legal expenses, and taxes there is $600K in financial accounts (the probate part of the estate). In addition, there was a $180K life insurance policy with his two surviving daughters named as beneficiaries (non-probate part of the estate). The will states that 1/3 of the residuary estate be left to his surviving spouse, and 2/3 of the residuary to his daughters, to be split in equal shares. Is the residuary estate considered the probate part of the estate, OR the probate plus non-probate part of he estate? So when dividing the estate in thirds, does the surviving spouse get $200K (1/3 of the probate part of the estate), and the daughters $290K each ($200K probate estate plus half the insurance payout of $90K)? OR is the residuary estate the entire probate plus non-probate estate, in which case the surviving spouse and daughters get $260K each ($200K probate estate plus 1/3 of insurance payout of $60K)?
I am the executor of my father's will. After paying funeral costs, legal expenses, and taxes there is $600K in financial accounts (the probate part of the estate). In addition, there was a $180K life insurance policy with his two surviving daughters named as beneficiaries (non-probate part of the estate). The will states that 1/3 of the residuary estate be left to his surviving spouse, and 2/3 of the residuary to his daughters, to be split in equal shares. Is the residuary estate considered the probate part of the estate, OR the probate plus non-probate part of he estate? So when dividing the estate in thirds, does the surviving spouse get $200K (1/3 of the probate part of the estate), and the daughters $290K each ($200K probate estate plus half the insurance payout of $90K)? OR is the residuary estate the entire probate plus non-probate estate, in which case the surviving spouse and daughters get $260K each ($200K probate estate plus 1/3 of insurance payout of $60K)?