Legal Question in Wills and Trusts in Michigan
Grandmothers estate
My husband grandmmother passed in aug. 2006.She had 2 daughters,1 of whom is still living and the other who was my husbands mother that passed away about 19 years ago.Her surviving daughter who of course is my husbands aunt is the executor of the will? Its pretty simple. She gets 35,000 approx. She had 2 former stepsons that get approx 25,000 ea. and a friend that gets 10 shares of common stock. The other is divided among my husband and his 1 sister and 2 brothers and come out to approx. 8,000 ea.How long will it take approx. to get the money? His aunt did not say but didnt think it would take too long.Also, do we pay taxes on that before we get the money,after or at all? Thank you.
2 Answers from Attorneys
Re: Grandmothers estate
Hard to say how long it will take, but figure at least six months to clear any unknown claims before disbursement.
You do not pay taxes on money you inherit.
Re: Grandmothers estate
Your grandmother's estate looks fairly small and shouldn't be taxed. The executor has an obligation to probate the estate in a reasonable manner. Depending on the assets and how soon probate is filed it could take between 3 months and a year.
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