What to do about the distribution of estate assets?
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What to do about the distribution of estate assets?
Mrs. Smith died in a small private plane crash last year. Her husband preceded her in death. She had 1 biological son and 4 stepchildren; all are over the age of 21. Mrs. Smith had a Will that lists the one natural son and four stepchildren as equal and co-heirs to her estate. The insurance company of the pilot offered a settlement in the amount of $100,000 payable to the estate. If the executor of Mrs. Smith’s estate accepts this settlement, how should the $100,000 be distributed among the 5 heirs?
Asked on February 14, 2012 under Estate Planning, Georgia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. The proceeds will be distributed to her estate. Once the estate receives the funds and is ready to close - all the debts paid, taxes filed, etc., - the proceeds will be distributed pursuant to the terms of the Will, which, if it is as you say here, equally to all 5 of the children. Good luck.
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