Do the proceeds of a house sale have to be used to satisfy 2 monetary gifts?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Do the proceeds of a house sale have to be used to satisfy 2 monetary gifts?
My father left 2 gifts in his Will – 1 for $5,000 and 1 for $25,000. It further stipulated that his residence be sold and the proceeds thereof added to the residuary estate. What if there is not enough money in the estate (besides hte house sale proceeds) to satisfy these gifts?
Asked on March 26, 2013 under Estate Planning, Delaware
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 12 years ago | Contributor
Your state law will say how the money is distributed. This is a technical question and probably has arisen before. Consult an estate attorney in your state for the answer. It could go either way.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.