Does money have to be distrubuted if it is in someone elses name if there is a will?

Answer 1

A Will is the sole wishes of the person that is now deceased. There are different scenarios: Executrix (female) Executor (male) named in the Will is the person that makes sure that the Will is probated. The Will may be left in Trust and they will handle the Will (for a charge of course.) Probate means that all personal and house/property taxes are paid up to date and all creditors are paid. This can take from 8 months to a year. If the Executrix/Executor is a family member they may be mentioned in the Will and not only would they get a certain amount of money (if the deceased requested this) but possibly some material contents of the home if mentioned in the Will as well as a fee for doing the duties of Executor/Executrix. Usually that amount is 1 1/2 - 3 1/2%. It depends on what is either mentioned in the Will or what the Executor/Executrix wants to take out of the Estate. MONIES CANNOT BE DISTRIBUTED until the Probate has been accepted. This is usually done by a lawyer, but, the Executor/Executrix can do it themselves (unless a very complex Will, it's quite easy to Probate and I've done it. It saves a considerable amount of money in lawyers fees.) The Executor/Executrix should be sure the Heirs mentioned in the Will get a copy of the Will. If a sibling or another relative were left out of the Will or they felt they were unjustly treated by not being in the Will they can "Contest the Will" in a court of law. Sometimes the person may win and other times they won't. Often, if this contesting of the Will is by another sibling, the Heirs of the Will will settle out of court because once in court it can take a long while to settle the Estate. If your mother passed away before your father (or vice-versa) the property and monies usually automatically go to the surviving spouse. The deceased parents might specify in their Will that upon their death their children MAY get some money or property or even material items. If your mother or father remarried, the same applies as the above. If both parents passed away usually any monies, property (including a house or other homes or property) are willed to their child or children. If the children were nothing but a source of problems for the parents, the parents can actually leave everything they have to anyone or even leave everything to a church or charity of their choice or even to a loyal friend. Again, whatever the wishes of the deceased were is for a reason and should be followed to the letter unless coercion has occurred such as an elderly person made to change their Will and it's wise at this point to Contest the Will. If you are sure for instance that you are an Heir in the Will, then you can actually take in the Will to any bank and borrow on the amount of money you are getting from the Estate. However, once you have done this and the lawyer has settled the Estate and hands you the check, it's up to you to pay off that debt and the banking institution will expect it. Hope this helps. Marcy