Q: My father passed away and the attorney said the home would be outside of probate according to will written???????
The 4 beneficiaries can sell and the 1099S can be split up for each.
Can you explain this to me.? Thanks Joyce
A:
Ask the attorney to clarify his explanation. There is not enough information in your question to give you an definite answer. One reason a piece of real property (like a house) might pass outside of probate could be due to the nature of the ownership. If your father had placed title to the home during his life into a living trust to benefit you and the three other beneficiaries, the trust owns the house and your father did not when he died. Thus the home would not pass through his probate estate and would not be subject to the terms of his will. The trust instrument would control the disposition of the home.
Once the house is sold and the sale proceeds divided among you, each of you will owe taxes on the income you receive. Form 1099s may then be issued to each of you reflecting the income distribution.
PS: My comments here are for general information and are not legal advice and no attorney-client relationship with me has been created. Consult counsel in your state for legal advice and answers to specific questions in your situation.
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