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

[Heather de Vrieze]

Depending on how many beneficiaries, the seller's interest in the contract could be assigned to the estate beneficiaries, otherwise, if payments continue to be made to the estate, either they can go directly to the Personal Representative or estate bank account, or there are companies who do the collection and disbursement, but I don't think the title or escrow companies do it.

Keeping the estate open for several more years doesn't seem like an ideal solution.

Heather

Heather S. de Vrieze
Attorney-at-Law
[cid:image001.jpg at 01D94DDC.390DCD50]
3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
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www.westseattlelaw.com<http://www.westseattlelaw.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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