Is a recorded contract for deed with remaining interest a probate asset or non probate asset?

Asked almost 2 years ago - Duluth, MN

Can proceeds for the C/D that are in a trust account be used to pay admin/attorney/Personal Rep. fees/Claims to the estate. Probate/nonprobate

Attorney answers (3)

  1. Tricia Dwyer

    Contributor Level 19


    Lawyers agree

    Answered . Hello. Since you ask if certain monies may be used to pay the attorney, why then don't you ask the attorney involved in this matter? Otherwise, please confer privately with an attorney, because the questions you raise are not very clearly written, and also require other questions be asked and answered prior to you being provided with legal advice. All the best.

    Tricia Dwyer, Esq., Estate Planning Law, Probate Law, Minnesota Supreme Court Roster, Tricia Dwyer, Esq. &... more
  2. Timothy Edward Kalamaros

    Contributor Level 15
    Best Answer
    chosen by asker

    Answered . You did not say who the deceased is. Is the deceased a party to the contract and if so which party?

    In general both real estate interests and contracts are estate assets. However, if a person had a life estate in land, then it expires when that person dies.

    Also it is not clear what your interest in this matter is and perhaps you would get a better answer if you made it clear.

    No legal representation exists by virtue of this answer. Consult your attorney. Licensed to practice law in... more
  3. Stephen Scott Pearcy

    Contributor Level 12


    Lawyer agrees

    Answered . Any assets or interests the decedent owned at the time of death, or proceeds from those assets or interests, are estate assets and can be used to pay estate expenses.

    If this information has been helpful, please indicate below. Stephen Pearcy is licensed to practice law in... more

Related Topics

Distribution of estate assets

Distribution of estate assets is done according to your will and/or beneficiary designations. If you don't have these things, it is done according to state law.

Probate assets

Probate assets are owned solely by the deceased and do not have any survivorship feature (like a beneficiary designation) for automatic transfer of ownership.

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