what does "in kind" mean for distribution of estate assest?

[bluedolphins]

What is the name of your state? nj

i was told the estate assets have to be distributed "in kind", not really sure what that means...could someone help?

 

[BelizeBreeze]

What is the name of your state? nj

i was told the estate assets have to be distributed "in kind", not really sure what that means...could someone help?

If there are three heirs and only two solid silver candlesticks then someone gets the solid silver gravy bowl and ladel because of the like value so the gravy bowl and ladel would be an 'in-kind' compromise of equal value.

Or, if there were only two solid silver candlesticks and a bunch of old photos worth the same as one of the candlesticks, then two go to the heirs and the money from the photos goes to the third as an equal 'in-kind' settlement.

 

[seniorjudge]

What is the name of your state? nj

i was told the estate assets have to be distributed "in kind", not really sure what that means...could someone help?

Actually, this is one of the few probate terms that means what it says and says what it means.

If the will (for example) says, "Joe gets a pound of beans," then the representative has to give Joe a pound of beans.





Definitions of "in kind" on the Web:

* An expression relating to the insurer's right in many Property contracts to replace damaged objects with new or equivalent (in kind) material, rather than to pay a cash benefit.
www.kellyinsurance.com/glossary/property.i.glossary.html

* Referring to a payment made with goods instead of money.
www-personal.umich.edu/~alandear/glossary/i.html

* Issued in the form of Actual Rations, Quarters, Travel (instead of a money allowance)
users.skynet.be/jeeper/Terms%20I.html

* an insurance term used to refer to replacement of damaged property with other property instead of cash.
www.patrons.com/html/body_glossary.html

* with something of the same kind; "she pays him back in kind"
wordnet.princeton.edu/perl/webwn