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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
