Typically do states require releases when real property assets are distributed after probate?

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Typically do states require releases when real property assets are distributed after probate?

Specifically, home sale proceeds.

Asked on August 8, 2013 under Estate Planning, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I am assuming that you are the fiduciary - executor or personal representative - for the estate, correct?  It is always a good idea for you to obtain releases from the distributees but more importantly you need to prepare either a formal or informal accounting to go with it.  A formal accounting is only required if the beneficiaries will not sign the release.  But an informal should be attached to the release explaining everything that has gone in to and out of the estate.  Good luck.


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