If Iinherited my mom’s home and it is sold to generate income for the estate, will I receive any money that remains from the estate when it closes?

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If Iinherited my mom’s home and it is sold to generate income for the estate, will I receive any money that remains from the estate when it closes?

I’m not entitled to anything else from the estate but I’m responsible for all final expenses and need the funds.

Asked on December 15, 2011 under Estate Planning, Florida

Answers:

Steven Fromm / Steven J Fromm & Associates, P.C.

Answered 9 years ago | Contributor

Your fact are unclear.  Normally, where a person receives a specific asset via the will, they are not responsible for the estate administration and taxes.  These amounts are paid from the residual assets.

If you were a residual beneficiary, then you only receive the balance of estate assets after all administration, funeral expenses and creditor claims are paid.

You should meet with an estates attorney to go over the will provisions and how all this works under state law.  For a discussion of debt priorities please read Pennsylvania Probate: What Debts Take Priority at the following link: http://www.sjfpc.com/PA_Probate_Law_Section_3392_Estate_Debt_Priorities.html.

 


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