All He Left Me Was A-loan

Jane's papa passed away testate, leaving his home, three rental properties and two bank accounts to her.  She estimated his "estate was worth millions."

Unfortunately, papa had mortgages and equity loans on each property (he had intended to to "fix them up").  The loans were in default and the mortgages were  pending auction.  One bank account had been closed years ago.

Once she became the executor, Jane was required to evict the tenants who would not move and sell each property.  After the full administration of the Estate, her total distribution was below a quarter million.  

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Probate lesson learned:

The beneficiary of a Last Will & Testament receives what the testator actually owned at the time of death minus funeral costs, administrative expenses and debts.  See Surrogate's Court Procedure Act section 1811.