Legal Question in Wills and Trusts in Virginia
selling of home
I am the exect. of my cousin estate, we are selling her house in the well she name 3 plus me. I paid the bond so money could be devided as soon as possible is this all the proceed or just what in the well, one to get 50% two others to get $2000 each and I to get $8000 and all other money after the bills are paid. This is a strange way she did it but she did.
1 Answer from Attorneys
Re: selling of home
If you post a bond, the bond is there to make sure that *you* don't lose or run off with the money. So the bond is to replace the money in the estate in case something happens to it.
Therefore, including the bond in the estate money would be a mistake. First, it was not money that belonged to the decedent at the time of death. It does not belong to the estate and therefore should not be distributed as part of the estate. Second, the bond is there to replace the money in the estate if it gets lost. Therefore, this would be double-counting the same total amount of money twice.
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