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-   -   Money settlement in Probate (https://www.askmehelpdesk.com/showthread.php?t=370370)

  • Jun 29, 2009, 07:01 PM
    Fr_Chuck
    Money settlement in Probate
    I am trying to run the numbers and what each person will get

    There are three people who are going to get even shares of the estate.
    The estate is only a home that is going to be sold to one of the three heirs.

    The house is going to be sold for 45,000 dollars.

    The exetitor of the will will get 3200 for their services.

    1. Person A, is buying the home from the other two.
    2. Person B owes the estate 15,000 from previous loans due the estate.
    3. Person C just wants to know how much he should get and how the money due the estate will be repaid.
  • Jun 29, 2009, 07:09 PM
    DrJ

    Chuck, is this a homework problem?? :D

    Well, it seems to me that once Person A purchases the home, the estate will be worth $60,000 ($45,000 liquid and a $15,000 Note).

    That's $20,000 to each person.

    Person A receives $20,000 liquid.
    Person B receives $5,000 liquid and the $15,000 note.
    Person C receives $20,000 liquid.

    Am I missing something?
  • Jun 29, 2009, 07:12 PM
    DrJ
    Oh minus the executors fee so:

    Person A: $18,933.33
    Person B: $3,933.33 + $15,000 Notes.
    Person C: $18,933.33

    And throw in the extra penny to the executor for his hard work.
  • Jun 29, 2009, 07:24 PM
    LisaB4657
    Person A pays $5000 to Person B and $20,000 to Person C. Person A gets a deed. All 3 of them pay 1,066.67 each to the Executor.
  • Jun 30, 2009, 09:18 AM
    AK lawyer
    house $45,000
    receivable from B $15,000
    executor's fee $(3,200)
    net estate $56,800
    1/3 share $18,933

    A receives (pays, actually): $(26,067) = 1/3 share minus the $45,000 price of the house
    B receives $3,933 =1/3 share minus the $15,000 previous loans
    C receives $18,933 =1/3 share
  • Jun 30, 2009, 09:34 PM
    Fr_Chuck

    Nope this is some of my family members and I am double checking I am not being cheated in this.
  • Jun 30, 2009, 09:37 PM
    DrJ

    Ahha... Fr_Chuck aka Person C ;)

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