Posted on: 12th Jun, 2007 01:55 pm
I'm an Executor/Beneficiary. In addition to myself there are four other beneficiaries. All beneficiaries have agreed to my purchase of the home. Question is the following, if we decide the total amount of sale is $500,000 is this amount only for the 4 beneficiaries or is my portion deducted from that total amount?
Hi Raspberry,
Welcome to Mortgagefit discussion board.
As you are also named as one of the beneficiaries apart from also being the executor of the will, the total amount includes your share also. As other beneficiaries have agreed that you purchase their shares from you, they will be getting the amount from which your share has been deducted.
All 5 of you were to get equal portion out of $500,000 which means $100,000 for each of you. Now you will have to give them there shares only deducting what you would have received as your share of the proceeds which is $100,000. So, you will have to give them in total $400,000 which is the value of their share of ownership in the home.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
As you are also named as one of the beneficiaries apart from also being the executor of the will, the total amount includes your share also. As other beneficiaries have agreed that you purchase their shares from you, they will be getting the amount from which your share has been deducted.
All 5 of you were to get equal portion out of $500,000 which means $100,000 for each of you. Now you will have to give them there shares only deducting what you would have received as your share of the proceeds which is $100,000. So, you will have to give them in total $400,000 which is the value of their share of ownership in the home.
Do let me know if you have any other questions.
Thanks
Blue
I agree with Blue. Your portion/share from the total amount of sale will not be given to the other beneficiaries. They will only get the amount that they were originally entitled to.
Miller
Miller
" if we decide the total amount of sale is $500,000 is this amount only for the 4 beneficiaries or is my portion deducted from that total amount?"
As Blue said they will get only $400,000 (their share in the house) and not the full sale value as it also includes your share in the house.
As Blue said they will get only $400,000 (their share in the house) and not the full sale value as it also includes your share in the house.