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Question on Will Content

 
 
Reply Thu 11 Aug, 2022 09:33 am
My Mom is getting poor in health and I found a will with verbiage I want to understand. Under Specific Bequest, son #1 gets $90,000. Son #2 gets $10,000 and my real property. My question is if my Mom has no cash, then Son #2 gets everything. Do I read this correctly? That all of our Mom's real property including car, house go to Son #2?
 
Mame
 
  1  
Reply Thu 11 Aug, 2022 09:49 am
@bigmasterdrago,
If that's all it says, then I'd say you have it correctly.
0 Replies
 
RPhalange
 
  1  
Reply Thu 11 Aug, 2022 10:52 am
@bigmasterdrago,
Why are you snooping? Also are you son #1 or #2?

Kidding - there is a possibility she has a life insurance policy where that $100,000 is coming from.

Do you know if she has a life insurance policy?
0 Replies
 
jespah
 
  3  
Reply Thu 11 Aug, 2022 12:44 pm
@bigmasterdrago,
Real property is real estate only. Not the car, jewelry, etc.

Any chattel (that's property that isn't real estate, e. g. the car, etc.) will likely have to be appraised if valuable. The will's executor (or executrix if female) will be required to divvy up the property as closely as possible to the intentions expressed in the will. This will likely mean selling a lot of the chattel if your mother dies and is utterly out of funds.

The executor will also have to pay any bills which survive your mother's death, and they will do so out of the funds within the estate.

For more information, please contact a lawyer versed in trusts and estates who is admitted into the bar where you live, and pay that person for advice.

Disclaimer: I am a lawyer but I'm not your lawyer. This information is being given solely for informational purposes. An attorney-client relationship is not intended and does not apply.
Mame
 
  3  
Reply Thu 11 Aug, 2022 03:00 pm
@jespah,
I knew you'd be in here with your usual sage advice.
InfraBlue
 
  3  
Reply Thu 11 Aug, 2022 03:58 pm
@Mame,
Legal sagacity to boot!
0 Replies
 
bigmasterdrago
 
  1  
Reply Thu 11 Aug, 2022 06:04 pm
Son #1 & 2 are the executors. Son #2 has Power of attorney and Medical Power of attorney. I'll be seeking time with an attorney but thought I would pose here b4 doing so as their calendar is fairly full at the moment. Mom wants to split the house but allow #2 to keep living in it. Looks like the will needs amending if her wishes are to be carried out. No life insurance. Also, #2 has blown thru all of Mom's substantial amount of cash that was left by her late husband (Father in Law to #1 & #2).
RPhalange
 
  1  
Reply Fri 12 Aug, 2022 07:56 am
@bigmasterdrago,
I have been through this not too long ago - I agree if she wants her wishes for your assets, she should revisit this soon.

With little money, it might be hard to keep the house, if she has any outstanding bills, her funereal all will need to paid for before you get any assets. Why (granted a bit late now) life insurance can be very important so you do not leave your loved ones with hefty bills then need to sell what property and assets they have - which can result in her wishes not being fulfilled.

Seems #1 may be left high and drive if any of these costs/bills are high. Also remember if you keep the house as is her wish and #1 keeps half the equity while #2 lives there. #1 will also be responsible for household bills like taxes and repairs without having the advantage of being housed. I'd suggest to see if there is also some way to have the will written so that #2 is responsible for everything financially on the house, and then only upon selling #1 gets half.

#1 may end up getting screwed too if #2 sounds as irresponsible as he seems - will #2 maintain the house and pay the bills? Will #2 cause the house to be run down? Not sure if legally you can put in place or your mom would agree to put in place anything that will hold #2 responsible.
0 Replies
 
 

 
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