Q: Draft for Petition for Final Distribution: "The residue of the estate, insofar as is known to petitioner...

A: When drafting a Petition for Final Distribution, it's essential to accurately represent the remaining assets of the estate and their disposition according to the terms of the will and the Inventory and Appraisement (I&A) filed with the court. Here's how you might handle listing the remaining assets:

Listing Remaining Assets: You should list all remaining assets of the estate, including cash and proceeds from the sale of assets, as they were originally listed in the Inventory and Appraisement (I&A). Each asset should be itemized separately with its current value or proceeds from sale, if applicable.

Disposition of Assets: If assets listed in the I&A have been sold, you should mention the sale and include the proceeds received from the sale under each corresponding asset. This provides transparency about the disposition of each asset and ensures that the final distribution accurately reflects the estate's current assets.

Calculation of Residue: If there is a devisee mentioned in the will who is entitled to the residue of the estate, you should calculate the residue based on the remaining assets listed in the Petition for Final Distribution after distributing specific and general bequests. This would typically include the total remaining cash in the estate account after deducting any expenses paid.

This approach provides a clear and comprehensive overview of the remaining assets and their disposition, ensuring transparency and compliance with the terms of the will and the court's requirements.

Schedule a free consultation to make sure your filing complies with all applicable laws.

A: Here are a few key points for the Petition for Final Distribution in this situation:

1. For assets that were specifically mentioned in the will and have not been sold, list them as originally described in the Inventory & Appraisal (I&A).

2. For assets that were in the I&A but have since been liquidated into cash (e.g. stocks that were sold), you have two options:

a) Simply list the lump sum cash amount now in the estate account, minus any expenses paid. For example: "$X cash in estate account". This is the cleaner and simpler approach if most remaining assets are now in cash form.

b) Alternatively, you can itemize out the cash amounts and note where they originated from, such as:

"1. $X cash from checking account

2. $Y cash from sale of ABC stock

3. $Z cash from Life Insurance Policy No. 123"

This provides more detail on the sources of the cash. Either approach is acceptable.

3. Regarding the devisee who inherits the residue per the will - you are correct that regardless of the original I&A appraised values, they are entitled to the actual residual amount left in cash after all expenses, debts, and any specific bequests are paid. The residue is whatever is left over at the end.

4. Don't forget to also include any tangible personal property that may pass to the residual devisee if not otherwise gifted in the will.

In summary, use your judgment on whether to lump sum the remaining cash or itemize it out, list any unsold assets as originally inventoried, and the residual devisee gets whatever is left at the end after expenses.