Rearding CA Statutory Will

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Rearding CA Statutory Will

Specific Gifts of Cash What happens when you state an amount of cash to an individual and you no longer have that amount of cash in your bank account?

Does the person receiving the ‘balance of assets’ have to sell things to pay the individual that was willed the cash gift?

Asked on July 20, 2018 under Estate Planning, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

It depends on how the money was willed to that person. 
1) If the will was, "I give John Doe $20,000 and Jane Roe the balance of my assets," the estate's executor or personal representative would have to sell other assets to make up the $20,000. In this case, the first person is given a certain amount of money without regard to where it comes from and so that amount must be paid to them.
2) If the will instead said, "I give the $20,000 in my Chase Bank account to John Doe and the balance of my assets to Jane Roe," then John Doe only gets what's in the specified or identified bank account.


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