Legal Question in Wills and Trusts in Virginia
Property taxes
I am the administrator for my father's estate and this has included cash and land--name removed--I have paid out a significant portion of the cash to the six of us siblings, and there is a good portion left--name removed--My questions are 1) When the property tax becomes due, do I use the estate money to pay the taxes, or do I give out the rest of the money and then try to collect it from the siblings when the taxes are due--name removed--2) If I am to continue to use the estate money to pay the taxes for how long do I do this--name removed--3)Is there a certain amount I should set aside to pay the taxes, and then give out the rest? 4) If I am to give out all of the money, and then try to collect when taxes are due, what happens if only some of the siblings have the money to pay for taxes at the time they are due? Do they lose their interest in the property--name removed--Thanks for your help.
1 Answer from Attorneys
Re: Property taxes
Whatever estate monies are required to pay the property taxes as well as other claims against the estate which might arise while the estate remains open should be held back from distribution.
However, once the estate is closed and all required distributions have been made, the issue of the property taxes will be for the new owners(distributees) to deal with.
I might also add that it's usually a losing proposition for an executor
to make premature distributions while the estate is still open and then try to collect back monies given to beneficiaries in order to pay taxes which later become due on estate property.
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