Legal Question in Wills and Trusts in Texas
assigning payment of death taxes
My mother was given ''liquid assets'' which were then defined as cash, CDs and savings accounts. It was stated elsewhere in the will that the taxes on the estate were to be paid first out of her liquid assets. Other normal liquid assets such as a considerable number of bonds were not assigned to anyone or mentioned. Income from 3 specific bonds were also assigned to her for life. The taxes are far more than the cash left her,but only a fraction of the unassigned bonds. This was left by her long-time compaion. Is this assignment of debt proper? We are concerned that there was intent to include ''bonds'' in the list of liquid assets but her companion may have believed that their tax-free status (muni bonds) made them outside estate taxes as well.
1 Answer from Attorneys
Re: assigning payment of death taxes
That's a tough one. The determination will have to be made by the court in which the estate is probated. Much will be determined by the exact language of the will itself, as well as possible testimony as to intent and state of mind, if that can be adduced.
Who else has an interest in the estate? If you are the sole devisee, then you'd get the munis, assuming that they weren't devised to someone else upon your mother's death.
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