Can you explain how estate money works upon the death of a family member?

Answer by  Chaneygirl (1755)

Estate money should be held in the estate name until all debts/bills of the estate are paid. At that time, it can be distributed to heirs.

Answer by  gleverance (720)

Estate money includes all the assets that the deceased had in their name upon death. Depending on if there is a will or not, how the assets are distributed and making those distributions is the job of either the probate court or an appointed executor. For more detailed information you should consult an attorney or CPA in your area.

Answer by  tamarawilhite (17883)

After someone's death, their assets are sold to pay for any debts they owed. Estate taxes may need to be paid on the remaining estate money. This depends on the size of the estate and what state the person died in. The remaining estate money and property can be distributed to the heirs.

Answer by  jenniev (206)

Usually it is paid out to a beneficiary that has been set up in the family members will. If you are under 18 someone will be over the trust fund until you turn of age.

Answer by  Chad67 (25)

An estate is distributed by the methods outlined in the deceased person's will or trust documents established prior to their untimely death.