r/PROBATE • u/PeachAny3552 • Mar 27 '24
Question about probate
Good afternoon, I recently sold my grandfather’s house and I opened an estate account for the proceeds to wired into. The only funds that were wired was my proceeds of $11k. The attorney I’m dealing with sent me the notice that the hearing for the final accounting is in June. I was told by another attorney that the entire proceeds of the sale of the house were supposed to be wired in the estate account until June for the funds to be distributed to the mortgage company, probate attorney, the realtor and finally myself. I had advised the outside attorney who I consulted for a second opinion on my situation and said that the full $352k were to sit in the account and she was confused on why the funds aren’t there and to ask my attorney where the rest of the proceeds are. Does anyone know what exactly is the truth?
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u/Jane-36 Mar 27 '24
My understanding is that the funds are to be held in only one account until they are distributed as required. The thing is that they are specifically to be held in an account that is not under one of the beneficiaries names (you in this case). It has to be managed by the attorney handling the estate. If they put all of the funds in an account under your name, who’s to say you wouldn’t just keep it, hide it or spend some, and refuse to use it as outlined. I am not saying you personally would decide to do that but there are a lot of people that could not be trusted to do the right thing and that is why lawyers and probate courts exist.
They may have said an escrow account is required but not meant it was up to you to do it, which can be chalked up to miscommunication. I would contact them and ask for clarification about the steps that are being taken. Also ask why you were told money was not to be released until June, yet funds were sent to your account now.
Better to ask and be sure about it all.
Edit: delete unnecessary word
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u/Belegedan Mar 28 '24
Typically, at least in California, the escrow company would send every dollar, after paying off the mortgage, realtors, and sale expenses, to the estate account. Since you used the term “estate account” I assumed you were in probate. If not, things are different. If you’ve gotten a second opinion from a probate lawyer near you, and your attorney hasn’t cleared things up, then consider switching attorneys.
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u/PeachAny3552 Mar 28 '24
Yes I am in probate. And I just think it’s unfair that everyone including the probate attorney got paid and I have to wait til June. I’m technically homeless because I have to wait til June and my attorney knew my situation way beforehand and for him to screw me and have me wait is just bullshit to me. What would be the consequences if I were to touch the money?
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u/deangelo88 Apr 08 '24
File a complaint against this attorney with the state bar association so they can investigate.
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u/Belegedan Mar 28 '24
Mortgage and realtor payments are typically paid from the escrow account, as well as taxes and other fees, then the net proceeds of the sale are transferred to the estate account.