Deeds

[Mark 1]

What is the name of your state?What is the name of your state? KY
My father died, and left me in his will to take care of his estate. I have 5 brothers and sisters. dad gave 4 of his 6 children a deed to their part of the land, I have one brother, and me, that did not get property. All of the children have agreed that we can have our part of the land, this includes the home place and another lot. I had the deeds made. Should I have waited the 6 months before I had the deeds made.?

 

[lwpat]

According to your post the property was transferred before death so it is not a part of the estate. In some cases a debtor can have property transferred in contemplation of death placed back in the estate. However all of you would then still be treated equally. If this is a possibility consult with an estate attorney. You also need to consult with an accountant as to the tax consequences of the transfer.

 

[Mark 1]

My brothers and sisters has had their deeds to their part of land long before dad died. He has 3 deeds to his other lots. My brother is wanting the home place, he has no part of the land, and I am wanting a lot also, I have no part of the land, all of my brothers and sister's has agreed to this so we can have a part of the land also. We have had deeds made, and signed, but can we take and have them put on record now, or do we have to wait until the 6 months probate is over, I am excecutix of the estate. The 3 lots that he has left has been listed in the invetory. So do I have to wait until the 6 months are up, to put them on record, in case there is a claim against his estate.

 

[seniorjudge]

How long has it been since he passed?

Do you know of any claims?

You will have to pay them whether or not you deed the land now IF (big word) that land was an asset of the estate and could've been used to pay the claims.

 

[Mark 1]

Thank you so much for your help.
My father died Dec.15, 2004, there has not been any claims as of now, I filed inventory Jan. 14, 05. and it has been in the newspaper. I know that he had no other bills other than utility bills.
My father and I had a joint checking account, and I know that when he died that went to me because it was a joint account, but, I also know that he told me to divide it with my brothers and sisters. The bank account did not have to be listed in the inventory, can I divide that now. The bank said it was my money I could do what I wanted to with it, but I do not want to get into any trouble with the courts.

 

[seniorjudge]

"...The bank account did not have to be listed in the inventory, can I divide that now. The bank said it was my money I could do what I wanted to with it, but I do not want to get into any trouble with the courts...."

That is correct.