Legal Question in Wills and Trusts in California
My wife's boss passed away a year ago, he willed us a good amount of money to go towards paying off our mortgage.He has two properties that has not been sold yet , my question is where do we sit on the "who get's paid first" list. thanks vince
Asked on 9/10/09, 11:39 pm
1 Answer from Attorneys
George Shers
Law Offices of Georges H. Shers
Creditors are paid first [Uncle Sam gets the first shot], then the expenses of administrating the Will in probate, any lien claimants on the property, real estate commissions and transfer taxes and real property taxes, and then finally you. If the debts are small enough compared to the assets, the administrator might make a partial, early distribution, especially if no one objects.
Answered on 9/11/09, 2:00 am
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