What is the name of your state? Virginia
A single surviving parent had a will drawn up with all proceeds going to her 2 grown children equally. The will specifically spells out:
1. a third party (aunt) will be the executor
2. upon receipt of life insurance and other funds, the single mortgage will be paid in full on the house and then deeded over to son A. Son B will receive cash equal to the amount to pay off the house.
3. the remainder (approx. $35k) will be used to pay any bills needed by the estate. Known debt at the time of death was approx. $6k ($4k in medical bills, $2k in unsecured debt). All amounts left over after all bills have been paid will be split equally among the two sons to liquidate the estate.
There was a term used to describe the payouts to the mortgage company and to Son B, but since I don't have my copy of the will in front of me I don't have the actual term to give.
The Aunt placed the will in probate (sums totally approx. $250k including house) at the instruction/advice of the City Clerk, a lawyer, and an accountant. She has also stated that since it is in probate there will be no funds available for 1 year at all. At that point in time everything will be paid out and the estate liquidated.
If the will states explicitly that action no. 2 above should happen before all other bills are paid shouldn't those 2 distributions occur as soon as possible after insurance funds have been disbursed, and then the remaining funds will stay in probate for a year to pay any bills that happen to arise during that time?
The worry is that Son A has already taken possession of the house, but won't be able to have it in his name for another year and any troubles that will cause.
Thanks for any insights.
A single surviving parent had a will drawn up with all proceeds going to her 2 grown children equally. The will specifically spells out:
1. a third party (aunt) will be the executor
2. upon receipt of life insurance and other funds, the single mortgage will be paid in full on the house and then deeded over to son A. Son B will receive cash equal to the amount to pay off the house.
3. the remainder (approx. $35k) will be used to pay any bills needed by the estate. Known debt at the time of death was approx. $6k ($4k in medical bills, $2k in unsecured debt). All amounts left over after all bills have been paid will be split equally among the two sons to liquidate the estate.
There was a term used to describe the payouts to the mortgage company and to Son B, but since I don't have my copy of the will in front of me I don't have the actual term to give.
The Aunt placed the will in probate (sums totally approx. $250k including house) at the instruction/advice of the City Clerk, a lawyer, and an accountant. She has also stated that since it is in probate there will be no funds available for 1 year at all. At that point in time everything will be paid out and the estate liquidated.
If the will states explicitly that action no. 2 above should happen before all other bills are paid shouldn't those 2 distributions occur as soon as possible after insurance funds have been disbursed, and then the remaining funds will stay in probate for a year to pay any bills that happen to arise during that time?
The worry is that Son A has already taken possession of the house, but won't be able to have it in his name for another year and any troubles that will cause.
Thanks for any insights.