QUESTION
How do I follow the will when it says someone gets a sum of money but the only asset in the estate is the house?
Asked on Jun 26th, 2017 on Wills and Probate - New Jersey
More details to this question:
The house is bequeathed to the children and the other bequeath is for $18,000.00 There is no money in the estate. How do I distribute that money to the person if I only have the house to deal with? Does the house get sold to follow the will? Or does the person who is suppose to get money loose out/
1 ANSWER
2 Awards
Unfortunately, this happens quite frequently. The house goes to the beneficiaries that are supposed to get the house, and the person who is supposed to get the money does not get anything, or gets whatever is left besides the house. The house is called a "specific bequest" and must go to the beneficiaries designated in the will.
Answered on Jun 27th, 2017 at 5:27 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship