What counts as escrow?
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What counts as escrow?
I am one of the beneficiaries of my late grandmother’s trust (she had no living spouse). The initial letter from the trustee’s lawyer said “all bequests will be paid after the [house] is sold and escrow closes.” The house sold within weeks (and easily covers the amount allotted to the beneficiaries), but it has been over a year now and none of the beneficiaries have been paid. The trustee recently informed us a commercial property my grandmother owned has to sell before the beneficiaries can be paid. My question is this: does the commercial property count as escrow?
Asked on May 20, 2009 under Estate Planning, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Escrow is any writing, money, property, etc. held by by a third person until a certain condition or event happens that allows it to be released. From what I can tell from your question here, your grandmother left you a certain amount of money. That money may not have been cash but rather money gotten from the sale of her house and possibly the commercial property. It appears that the attorney and trustee are taking care of all loose ends in your grandmother's estate before they pay everything out of the escrow account and close the matter. So to answer your question: yes, the money from the sale of the commercial property could indeed be added to the escrow.
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