Legal Question in Wills and Trusts in California
Does Accepting Inheritied Cash Assets, Require Me To Accept Non-Cash Assets
I am named on a will of my step-grandmother. Both myself and my sister are to equally divide the contents of her apartment and perhaps up to a 1/2 of the liquidation of her stocks and other similar assets. However, her apartment is filled with mostly junk and there nothing of any real value left. As such it could very well cost more to clear out and dispose of the items than they are worth.
My question is, ''if there is any cash resulting from the settling of the estate and if I accept my share, am I also then obligated to accept my half of the contents of her apartment and/or would I be co-legally responsible for clearing out the apartment and/or disposing of it's contents''.
Note that my sister does not want any of the contents the apartment either and neither of us live within 100 miles of the apartment (and I live much farther away).
2 Answers from Attorneys
Re: Does Accepting Inheritied Cash Assets, Require Me To Accept Non-Cash Assets
Since there is a will, someone must have been named the executor of the will. That person is responsible for paying creditors out of estate proceeds prior to distribution to the heirs.
The items in the apartment should be either sold (garage sale, estate sale, etc.) or donated or otherwise disposed of, if it is not financially beneficial to the estate to cover the cost of a sale. In any case, the costs of disposal or the net revenue from sale should come from the estate prior to distribution of the residue to heirs.
Depending on the over al value of the assets of the estate, a probate may or may not be required.
Re: Does Accepting Inheritied Cash Assets, Require Me To Accept Non-Cash Assets
The person named as executor in the will should take care of disposing of the apartment items in the least costly manner possible. If the estate is worth less than $100,000, a probate (and executor) isn't required, but someone should take care of this, as the estate will be liable for the apartment rent and cleanup.
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