Legal Question in Wills and Trusts in New York
after closing of house in probate how soon should the monies be distributed to heirs?
Asked on 1/14/11, 1:39 pm
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
The answer depends upon what still remains to be done regarding the estate. Presuming all debts and expenses have been paid, all necessary tax returns (income and death) have been filed and taxes due have been paid, no funds need to be reserved, and proceeds of sale can be distributed (funds have cleared), funds can be promptly distributed. If items are open and they cannot be estimated, distribution can be held up. However, a partial distribution, if funds are not needed, can be done now. This is a response to an Internet question and the reply is not intended to be legal advice or as crearting an attorney-client relationship.
Answered on 1/24/11, 1:04 pm
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