If there will be no liquid assets in an estate, how would any costs of administering the estate (funeral expenses, asset appraisal, etc.) be funded?
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If there will be no liquid assets in an estate, how would any costs of administering the estate (funeral expenses, asset appraisal, etc.) be funded?
I am executor-to-be of my elderly mother’s estate. Her Will divides everything equally amongst her 3 children. All of her monetary assets are in POD accounts that also divide the proceeds equally amongst her 3 children. The value of her estate is planned to be less than $150,000 in order to avoid probate. So, her estate will consist entirely of tangible, non-monetary property.
Asked on July 28, 2012 under Estate Planning, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If there are not enough assets in your mother's estate to cover the costs of administration due to the payable on death (POD) accounts, then the way to pay the costs of administration of the estate is for the heirs who received the POD accounts equally pay the costs of the administration.
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