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RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 38932
Experience:  Texas lawyer for 30 years in Estate law
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What about distribution of the money? When do I have to

Customer Question

What about distribution of the money? When do I have to distribute the money? Can it be spread out? or do I have give all for instance if I sale one of the houses etc?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you tonight.

You would set up an estate account here with an EIN number.It takes place of the social security number of the deceased.You would want to pay any claims here, taxes, and then you would have final distribution of all once you have sold them both and paid all the creditors, taxes, etc.

The houses are sold under the EIN number because the title company will issue a 1099 at end of year under the EIN number and you use it to pay taxes.The estate account uses it too.This allows you to account for everything in the estate here.You would not distribute funds until you are sure everything is paid off.

I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.

Customer: replied 1 year ago.
I have an EIN number in place. What about life insurance that we are using for expenses and annuities no cashed out yet. there are two properties to be one is workable farm and the other is cabin. My father left money to maintain the cabin which if to be sold last per his last wishes.
Expert:  RayAnswers replied 1 year ago.

Any assets of the estate not used up would then be divided up at final distribution to the named legal heirs and their shares.The probate court decides who legal heirs and their shares are as part of probate.Anything left over in the estate gets distributed at final distribution here.

Thanks again for the follow up and letting me help you.