Why would beneficiariesbe required to sign documents stating thatestate assets were sold for under a certain dollar amount?

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Why would beneficiariesbe required to sign documents stating thatestate assets were sold for under a certain dollar amount?

Approximately, 3 months ago, we along with others that are in a Will (seven of us) signed the paperwork that stated how much the property was sold for and it gave a total price, and along with the rest of the estate. But now we are being asked by the lawyer to sign paperwork again showing that we all understand that the total value of the estate is worth less than $100,000. The lawyer said this is what the judge wants us to do. Why would we have to do this? Is this common practice in IL?

Asked on February 7, 2011 under Estate Planning, Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am sorry for your loss.  It is very difficult in this type of forum to give guidance without being able to read the paperwork that you signed both 3 months ago and now.  Is what you signed 3 months ago paperwork authorizing or agreeing to the sale of an asset (real property?) of the estate?  Is what you are signing now some paperwork regarding the entire value of the estate?  Remember that an estate's value is not just the assets if the estate but the assets minus the liabilities.  There is a "gross" and a "net" just like in business.  But if you have any questions you are more than entitled to ask them of the executor and you should indeed ask for an explanation and maybe from the judge if he is telling you that the judge wants you to sign the paperwork.  If the explanation is not satisfying then get additional advice from another attorney.  That will cost you.  Good luck.


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