[WSBAPT] Probate Ready to Close but holding a real estate contract

[Shannon Jones]

I have assigned real estate contracts to close a probate, to multiple heirs and even to one heir as an "in-kind" distribution while other heirs took cash instead. I would assign the contract and let the heirs provide instruction to the existing contractor servicer, or engage a contract servicer if there isn't one already, and handle it for themselves until the payoff - Shannon


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Shannon R. Jones | Attorney
Campbell Barnett PLLC
Direct:  253.848.3515
Office: 253.848.3513| Fax: 253.845.4941
317 South Meridian
Puyallup, WA 98371
shannonj at campbellbarnettlaw.com<mailto:shannonj at campbellbarnettlaw.com>
campbellbarnettlaw.com<https://campbellbarnettlaw.com/>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jeff at bellanddavispllc.com
Sent: Friday, March 3, 2023 2:10 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Probate Ready to Close but holding a real estate contract

Listmates:

A probate estate is ready to close with the only asset to distribute is a real estate contract in which the buyers have until 2030 to payoff.  They are making monthly payments.  The six equal beneficiaries under the Will, are friends of the decedent, no children or other blood relative.  Not having done this before, I assume the PR opens a collection account with a bank/title company with instructions to disburse the funds every 3, 6 or whenever, to the beneficiaries.  Have any of you done this before?

Jeff Davis

W. Jeff Davis
BELL & DAVIS PLLC
Attorneys at Law
P.O. Box 510
720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129
Fax: (360) 683.1258
email: jeff at bellanddavispllc.com<mailto:jeff at bellanddavispllc.com>
www.bellanddavispllc.com<http://www.bellanddavispllc.com/>

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