Legal Question in Wills and Trusts in New Jersey
beneficiary
i've been left 2 race horses by an owner who passed away in dec.2005. i'm racing the horses in the estate name at present. the estate is paying the expenses for training now. what happens to the money they win while racing before the estate is settled. since the horses were left to me,do i receive their earnings when the estate is settled
2 Answers from Attorneys
Re: beneficiary
What is the reason for the delay in transferring ownership of the horses to you?
If the horses were left directly to you under the Will, you should be paying the expenses and keeping any income earned.
Re: beneficiary
Your situation probably deserves a little bit more confidentiality than can be had in an open forum such as this. Suffice it to say that, if a dispute arose over the issues that you raise (and several others that you may not yet have thought of) there will be supportable arguments on both sides. This is not good for you. You need to spend your efforts racing horses and not in court. So, if you have a few minutes to talk, give me a call at the number you will find in my contact information below.
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