QUESTION
What is allowed in the use of estate funds?
Asked on Dec 15th, 2013 on Real Estate - Virginia
More details to this question:
Before the close of the estate, can someone (also listed as c.t.a) take money from the estate to fix a house that was bequeathed to him/her in the will. If so would/should all beneficiaries be notified of such use from the estate funds? Lastly who would be responsible for the taxes of the said property, the estate or the bequeathed? To note the bequeathed inhabited the house/property almost immediately almost a year ago.
1 ANSWER
If the house was left to a named individual, and is not an asset of the estate to be sold to pay debts, and doesn't need to be sold to divide it among multiple beneifiicaries, then no the estate should not use estate funds for repairs. Contact the Commissioner of Accounts for the county/city where the will was probated.
Answered on Dec 26th, 2013 at 3:29 PM