Legal Question in Wills and Trusts in Colorado
The decedent passed in Colorado 9/2/09 had three parcels of land in Illinois. The last will stated that each parcel was given to a different heir and any and all remaining items were to be distributed equally among the two childern. One parcel was sold on July 21 09, so nothing to pass to the heir for this parcel. Another parcel was sold under a Illinois real estate contract on 8/5/09 10% earnest money was received, and new owners occupied property on 8/6/09, the land was sold for $636,000 with a closing date of on or before 3/1/10. The third parcel remains and goes to the named heir as in the will. Is this real estate contract now personal property of the estate? Is the money received at closing to be deposited to the estate and distributed according to the will, equally between the childern?
1 Answer from Attorneys
Most likely, yes and yes.
In general: If the will specifically identified which parcel went to which heir, the gift can be rendered invalid as the specific property is no longer under the estate's control. If the will simply stated that the three properties are to be divided among the three heirs, the will should be read as an attempt to convey the value or benefit of the properties owned by the estate at the time the decedent passed equally among the named heirs.
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