What counts as escrow?
Get Legal Help Today
Secured with SHA-256 Encryption
What counts as escrow?
I am one of the beneficiaries of my late grandmother’s trust (she had no living spouse). The initial letter from the trustee’s lawyer said “all bequests will be paid after the [house] is sold and escrow closes.” The house sold within weeks (and easily covers the amount allotted to the beneficiaries), but it has been over a year now and none of the beneficiaries have been paid. The trustee recently informed us a commercial property my grandmother owned has to sell before the beneficiaries can be paid. My question is this: does the commercial property count as escrow?
Asked on May 20, 2009 under Estate Planning, California
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Escrow is any writing, money, property, etc. held by by a third person until a certain condition or event happens that allows it to be released. From what I can tell from your question here, your grandmother left you a certain amount of money. That money may not have been cash but rather money gotten from the sale of her house and possibly the commercial property. It appears that the attorney and trustee are taking care of all loose ends in your grandmother's estate before they pay everything out of the escrow account and close the matter. So to answer your question: yes, the money from the sale of the commercial property could indeed be added to the escrow.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.