Legal Question in Wills and Trusts in Illinois
Disbursment from property already sold
My mother died four months ago, Myself and two sisters are the sole heirs. Her money market accts have been distributed already, she owned two houses, one which closed and sold in Dec., the other willl close by the end of January. My mother had a living will it is not in probate, can the proceeds from the sale of the house be made available at once or do they have to remain part of the estate till all items are settled? Thank you
1 Answer from Attorneys
Re: Disbursment from property already sold
I assume you mean a living trust and not a living will. Yes, the proceeds can be distributed. However, any claims can be pursued by any creditors of your mother until the appropriate statute of limitations expires. A creditor is not limited by the sixth month limitation in a probate estate. Any such claim can be pursued against you and your sisters individually or severally.
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