Settling estates liquidating stocks
These smaller asset distributions shouldn’t have a material impact on zeroing out a decedent’s accounts.
For example, if Grandma bestowed her good china on your cousin Betsy, passing that along to Betsy before probate settles (after you know the estate is solvent) will probably be fine.
The cash in the estate bank account may be used to pay any estate-specific bills, such as valid debts that the decedent owned, or court filing fees.
As the executor, you’ll also be able to sell any of the stocks, bonds death or other securities to raise any cash necessary to manage the estate while it’s in probate.
In some cases, the IRS may be willing to settle with the executor, but not in all cases, she adds.
Before paying any creditors, executors should consult with a trust and estate attorney to understand the priority of payments.
Your brother wants to stop by next week and pick up Dad’s workshop tools, and your sister could really use an advance on her inheritance to pay her son’s college tuition bill.
It sounds reasonable, but don’t make asset distribution too early, or in the wrong order. Before any asset distribution, an estate executor must make sure that the estate is – meaning it actually has enough assets to pay debts, and then some left to distribute.
If the Will identifies a specific person to inherit the property, that asset will usually pass to the heir.
Then go through the legal probate process according to your state.
During this process, there is a method for sharing items with all beneficiaries.
We provide our DIY information as a service to families settling estates or helping with a family member’s transition to assisted living.
If your project is too large or complicated to manage yourself, give us a call anytime for a free consultation: 800-913-7747.