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• 1. A

     Will, executors, and life estate

     Thank you all for your answers.

     • alceryes
     • Post #29
     • Dec 8, 2019
     • Forum: Wills, Trusts and Estate Planning
  2. A

     Will, executors, and life estate

     It is the co-executors plan to have all debt taken care of. The thing is, the life estate allows the ownership of the house to avoid probate, from what I understand. So, nothing is in probate. From what @Zigner says, the house can't be sold without all other debt taken care of BUT all other debt...

     • alceryes
     • Post #26
     • Dec 8, 2019
     • Forum: Wills, Trusts and Estate Planning
  3. A

     Will, executors, and life estate

     @LdiJ, yes, the house/property is the only thing of value from the estate.

     • alceryes
     • Post #19
     • Dec 6, 2019
     • Forum: Wills, Trusts and Estate Planning
  4. A

     Will, executors, and life estate

     Okay. Thanks. It's more the monies that come from the sale of the house that we are concerned about. I want to 'contract' those proceeds to make sure persons E and F don't just walk away with it and not allow the executors to pay off all debt.

     • alceryes
     • Post #18
     • Dec 6, 2019
     • Forum: Wills, Trusts and Estate Planning
  5. A

     Will, executors, and life estate

     Thanks guys. I will go along the lines of getting a contract written up. I am already waiting to hear back from a lawyer I have hired but in the 'rural' area that this is they are very slow to respond - even after getting paid. The co-executor's (persons B and C here) fear that as soon as the...

     • alceryes
     • Post #16
     • Dec 6, 2019
     • Forum: Wills, Trusts and Estate Planning
  6. A

     Will, executors, and life estate

     Okay. Got it. Maybe the other part of my request can be answered since it's knowledge about the law and not asking for any type of wording(?) Does a notarized contract between parties, made after an executed will, supersede the directives of said will?

     • alceryes
     • Post #11
     • Dec 6, 2019
     • Forum: Wills, Trusts and Estate Planning
  7. A

     Will, executors, and life estate

     I understand that it may be a complex matter. I'd really just like an idea about my statement from a legalese perspective, if possible. Thanks.

     • alceryes
     • Post #9
     • Dec 6, 2019
     • Forum: Wills, Trusts and Estate Planning
  8. A

     Will, executors, and life estate

     Thank you all for your replies. I am extremely grateful for any advice/guidance you can provide.

     • alceryes
     • Post #7
     • Dec 6, 2019
     • Forum: Wills, Trusts and Estate Planning
  9. A

     Will, executors, and life estate

     Hi LdiJ. All parties involved want the estate liquidated and everything paid off, ASAP. I am most concerned about the statement I wrote above that I will get myself and person E and F to sign (and get notarized). I want to make sure it's solid writing from a legal perspective and that it CAN...

     • alceryes
     • Post #6
     • Dec 6, 2019
     • Forum: Wills, Trusts and Estate Planning
  10. A

      Will, executors, and life estate

      Hi Zigner. I would like to know the following - Is the statement written above (after "Legal statement to be signed by person B, E, and F and notarized") okay from a legal perspective. Are there any wording issues/loopholes that could change the spirit of the goal of the statement or render it...

      • alceryes
      • Post #5
      • Dec 6, 2019
      • Forum: Wills, Trusts and Estate Planning
  11. A

      Will, executors, and life estate

      Shoot. Typo in the above. Corrected below. Person B is to receive 25% Person C is to receive 25% Person D is to receive 25% Person E is to receive 12.5% Person F is to receive 12.5%

      • alceryes
      • Post #2
      • Dec 6, 2019
      • Forum: Wills, Trusts and Estate Planning
  12. A

      Will, executors, and life estate

      Background - Virginia law. Person A passed away and left 3 children (person B, C, and D). Person A also has a sister and brother-in-law (person E and F). Person A wrote up a will with person E and F's lawyer. Person A's executed will gives co-executorship to person B and C but gives 'life estate...

      • alceryes
      • Thread
      • Dec 6, 2019
      • Replies: 28
      • Forum: Wills, Trusts and Estate Planning