Q: Question about post-probate assets and a specific section in the will.
Mother passed and left various small things to a few people in the will (TV, Furniture, land, etc). After the list of specific items, there is a paragraph that states "I give, devise, and bequeath all the rest, residue and remainder of my property and estate, both real and personal, of whatsoever kind and nature or wheresoever situated and whether acquired before or after the execution of this will to which I am legally entitled to (Myself and my brother) in equal shares, per stripes, to be theirs absolutely."
Does this mean, that after probate, whatever is left over is divided equally between my brother and me? There is a sizable amount of money that had no beneficiary listed and I am trying to understand if that means that post-probate, the assets will be dived between my brother and myself. Or would these assets be sorted out during probate?
A: Yes. You and your brother are the named beneficiaries of what is called the "residuary estate." After all expenses of probate, and after any claims against the estate are paid, the two of you will split the remainder. Near the end of the the probate process, the executor will need to file a financial report that details any income and expenses of the estate, any distributions already made and the proposed distribution of the remainder of the estate.
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