Q: Do proceeds from real estate go into an estate account or directly to beneficiaries/next of kin?
My father died a year ago and we are still settling debt and selling property. There was no will. The estate is handled by an administrator. We sold a property and our closing lawyer says we get the proceeds and they do not go into the estate account. There are still debts to be settled. If we accept the proceeds, can debt collectors come after me and my siblings?
A: Unfortunately, I need more information to properly answer your questions. Was there a will? Is the estate being handled by an Executor or an Administrator? Does the fiduciary have power of sale over the real estate? Normally, if there are debts and claims owing by the estate, no probate assets should be paid to any beneficiaries until after a year the estate was opened and all known debts are paid. Creditors have up to one-year to file claims against the estate.
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