Jack has now detailed the money he started with, took in and spent from the assets his mother held at her death in the Accounting he will submit to the probate court as the personal representative appointed in her Will. Now comes the part a few others may be a bit more interested in.
Jack should propose a distribution to heirs in his final Accounting. He should state what he thinks about how much money and what specific other assets each person named in his mother’s Will should be given as his or her inheritance.
If all assets have been liquidated into cash, he merely determines how much money each person is entitled to according to the way his mother wrote her Will. If he has kept some stock or has not sold her home, he may decide to give each heir items equivalent in value to the amount of money they would be entitled to, using the appraisals and evaluations he obtained earlier.
To plan your estate to help minimize some the formality of probate or eliminate probate and its costs, call our office at (815) 436-1996 for an appointment to begin planning or to review your current plan to be sure it will accomplish your goals. ©2013 Gruber Law Office, Ltd.