Legal Question in Wills and Trusts in New York
equitable distribution
In our father's will it states equal distribution considering the values of the houses he left my sister and I.
If there isn't enough liquid cash to make it completely equal what Happens. Would I be responsible on a personal basis outside of the estate to make up the difference?
1 Answer from Attorneys
Re: equitable distribution
There are a number of ways this could be handled, from forgiveness of the difference, to a Mortgage to represent the difference (borrowing from your sister), paying the difference from personal assets, dividing other than cash assets in a manner to equalize (presuming there are assets other than the houses and cash), etc. You and your sister should sit down and figure out what is the fairest and easiest thing to do. Contact me directly if you need assistance or more information.
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