Q: Should estate expenses be shared from each beneficiary portion of their inheritance?
If an Estate expenses is $120,000 and all the beneficiaries agree to pay it. Should each beneficiary pay $30,000 from their portion of the inheritance, since it's 4 beneficiaries including myself. Or since I am entitled to 50% of the estate as the surviving spouse and the 3 adult children are entitled to the other 50%, do I pay $60,000 by myself and they each pay$20,000 a piece which will total $60,000?
We are in a settlement agreement and I feel that I am paying more of the expenses than they are paying.
There's a difference Being entitled to 1/2 the Estate vs paying 1/2 expenses.
Estate expenses are typically paid before any division of assets occurs. The debts are paid in the following order:
(a) Class 1.—Costs, expenses of administration, and compensation of personal representatives and their attorneys fees and attorneys fees awarded under s. 733.106(3).
(b) Class 2.—Reasonable funeral, interment, and grave marker expenses, whether paid by a guardian, the personal representative, or any other person, not to exceed the aggregate of $6,000.
(c) Class 3.—Debts and taxes with preference under federal law, claims pursuant to ss. 409.9101 and 414.28, and claims in favor of the state for unpaid court costs, fees, or fines.
(d) Class 4.—Reasonable and necessary medical and hospital expenses of the last 60 days of the last illness of the decedent, including compensation of persons attending the decedent.
(e) Class 5.—Family allowance.
(f) Class 6.—Arrearage from court-ordered child support.
(g) Class 7.—Debts acquired after death by the continuation of the decedent’s business, in accordance with s. 733.612(22), but only to the extent of the assets of that business.
(h) Class 8.—All other claims, including those founded on judgments or decrees rendered against the decedent during the decedent’s lifetime, and any excess over the sums allowed in paragraphs (b) and (d).
After all of those claims are paid, then the beneficiaries split the remainder according to their specified share. If you are dealing with an estate with $120,000 in estate expenses, you should probably be utilizing an attorney. Schedule a free consultation to make sure you get your fair share.
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