Q: Once I pay my mothers estate back the money I owe, is that considered estate property? Would I inherit my share of it?
Mom passed leaving everything (in a trust and with a will) to her 4 daughters. Daughters have distributed a "fair share" of the inheritance money that was in the trust bank account already. I (daughter) personally, owe the estate some money. I will pay back the money owed to the estate with my share of the inheritance. Now, once that money gets paid back and put back into the trust bank account, am I (1 of the 4 daughters) entitled to my share of that estate money? FYI there is still other money left in the trust bank account that has not been distributed so the trust is still open.
Thanks for any help you can offer
A: Yes. Your share is calculated by adding what you owe to the total value of the estate then dividing by 4. What you actually should receive is your share less what you owe. If you actually pay your debt to to the estate, then you should receive your full share without deducting what you owed because you do not owe it any longer.
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