Legal Question in Wills and Trusts in New Jersey
will directive to executrix on paying taxes
Will directs executrix to pay all debts and estate taxes, including any penalties, from the residuary estate. A specific bequest to executrix of tangible personal property, excluding any currency, coins, gold, metals or commodities held as an investment. Real Estate is left to sister-in-law, with balance of estate to form residuary estate. Would that include the bank accounts? Without bank accounts residuary estate would be nil. Once all debts, expenses and taxes paid, residuary estate to be divided equally amongst three beneficiaries. Same three people (not estate) are the named beneficiaries on an annuity. Named beneficiaries are executrix and her husband plus one out-of-country relative. Executrix claimed bank accounts as part of her personal property inheritance and wants each beneficiary to pay State taxes from their share of annuity. The lawyer hired by the executrix has told other beneficiary to pay outstanding State taxes. Is that legal or must executrix follow directive in will? What can be done to correct situation?
2 Answers from Attorneys
Re: will directive to executrix on paying taxes
Bank accounts only in the name of the decedent should be part of the residuary estate. This could change depending on the wording in the Will. It would be necessary for you to have a detailed consultation with a attorney to het the right advice.
Re: will directive to executrix on paying taxes
Attorney should put his/her advice in writing, with analysis. You and the other beneficiaries should get someone to represent you.
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