Legal Question in Wills and Trusts in Texas
Mom willed a ring to me that was lost prior to her passing
My mother willed to me her wedding band and engagement ring, purchased for $11,000. At the time she passed, I was in the process of purchasing a beauty shop from her, which is valued at approximately $15000. The ring was lost several months prior to her passing, and was not insured. After talking with my siblings, I suggested that the remaining cost of the shop be subtracted from the value of the ring. They agreed, and the plan is to have each sibling sign a Release of Lien. Is this an acceptable (legal)compromise in view of the lost ring? Thank you.
2 Answers from Attorneys
Re: Mom willed a ring to me that was lost prior to her passing
It is legal as long as ALL heirs sign the Release, otherwise you would continue to be indebted to your mother's estate.
Re: Mom willed a ring to me that was lost prior to her passing
Don't quite know what to say, since the specific devise (gift) of the ring actually failed. That means no gift or equivalent. If your siblings will waive their claim to your mother's interest in the sale of the business, you're way ahead of the game.
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