Legal Question in Wills and Trusts in North Carolina
If a will is specific of a certain amount of money to give to three different people but there is not enough funds for that amount would i prorate it?
1 Answer from Attorneys
I would have to see the will would have to know more information. Generally, all of the claims are paid before any money or other assets are distributed to the beneficiaries. Are you saying that there is enough money to pay out the claims but not the beneficiaries? Gifts are adeemed in a specific order - first the residuary, then a general bequest, then specific devise.
An attorney would need to see the will to know, but if the will says something like:
I leave $5000 to Sam;
I leave $200 to Mary; and
I leave $3800 to Bill
and you only have $8000 to give out, something has to be done. You have to come up with something fair and say everyone gets a pro-rata share of the bequest.