Ask Experts Questions for FREE Help !
Ask
    GRM2010's Avatar
    GRM2010 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 12, 2010, 07:58 AM
    Receiving money as beneficiary
    State of New Jersey... Mom passed away 2 weeks ago... I am her daughter and executor... once the will is probated, how do my sisters and I actually receive the funds that we are inheriting from her?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #2

    Nov 12, 2010, 08:05 AM
    Quote Originally Posted by GRM2010 View Post
    state of New Jersey....Mom passed away 2 weeks ago......I am her daughter and executor.....once the will is probated, how do my sisters and I actually receive the funds that we are inheriting from her?
    It depends on where the funds are deposited. As executrix, have you been issued letters testamentary? If so, you would present the letters to the bank or other depository institution which should pay the money to you. When the time comes to distribute the estate (after due notice to creditors has been published, and all claims have been paid) you would pay each devisee her share of the remaining net estate, as provided in the will.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

What happens to my money left to me as beneficiary if there is not enough money in.. [ 4 Answers ]

I reside in NJ. My mother recently passed. She left me as beneficiary on 2 of her accounts. What happens if there is not enough money in the estate to cover her debts? Do I have to forfeit the money left to me as beneficiary?

Receiving money from abroad to us tax consequences [ 1 Answers ]

My friend is a US resident who lived abroad for the past several years. He had his company there and that was his source of income. Now he decided to move to US permanently. He wants to do a wire transfer around $150 thousand from his personal abroad account to his personal US bank account. Is...

Receiving and sending money abroad [ 1 Answers ]

I would like to know if there is a limit on the amount of money one can send abroad yearly and if it affects that the money is being received by my person in my US bank account and then being sent abroad. Also, do I have to pay taxes on the amount I am receiving (money is for payment of work being...

Legality of receiving money from another country. [ 1 Answers ]

I received an email from someone telling me I have won a lottery of a great amount of money. Over $500,000.00. I am to send to Nigeria $100.00 by Western Union today. The man told me by email that this money is in the form of a bank draft which I can cash at any bank. So far they have not asked...

Receiving money? [ 1 Answers ]

Recently I received checks for my pension plan from a place of previous employment. I was confused because I was not there long enough to be fully vested, so I called the mutual company and they said that in their contract it said nothing about being vested and that the money was mine. I even...

View more questions Search