The intent is to pay the final expenses (taxes, medical, etc.) from a single account and then disburse the leftovers in thirds once all the bills are paid.Then why is there any need to open a probate case at all? Circumstances, details and state laws may vary so I'll leave it as an actual open question, but if everyone is cooperative those checks for final expenses can just be written by the POD beneficiaries.Assume an elderly person has a moderately large estate but there are no probate assets...
The person in question wants to do things "the proper way" which I read as an estate checking account. But I'm also thinking it could be easier just to open a separate ordinary checking account, have each of the three kids put in, say, $5K, pay the bills, then re-disburse the excess once all the bills are paid.
(The only other benefit to probate in this case would be the shortened timeline for creditor claims of 4 months vs. 3 years. But I don't think that will actually be a big deal. The person's debts should be well known, and the person would want real bills paid and fake bills not paid regardless of timeline.)
Statistics: Posted by secondcor521 — Sat Aug 31, 2024 8:27 pm — Replies 9 — Views 762