Question
What is the name of your state?What is the name of your state?I am the Administrator for an estate in Pennsylvania. I have a real estate property that I am in the process of selling and the property was recently vandalized and there was extensive water damage to the property. Are the proceeds I may receive from the homeowners insurance claim become an estate asset?
Answer
What is the name of your state?What is the name of your state?I am the Administrator for an estate in Pennsylvania. I have a real estate property that I am in the process of selling and the property was recently vandalized and there was extensive water damage to the property. Are the proceeds I may receive from the homeowners insurance claim become an estate asset?
My response:
Yes, but only for purposes of repairing the home belonging to the Estate. In other words, if actual cash is realized (highly doubtful), that money is not to be distributed; rather, the damages must be repaired - - which is your job to make sure that happens.
IAAL
Answer
Pennsylvania: I am the Administrator for an estate in Pennsylvania. I have a real estate property that I am in the process of selling and the property was recently vandalized and there was extensive water damage to the property. Are the proceeds I may receive from the homeowners insurance claim become an estate asset?[/quote]