JohnSmith12500
Junior Member
What is the name of your state (only U.S. law)? NY
My mother-in-law, who is not expected to live long, owns a home on a reverse mortgage. My wife and one of her sisters have been named as executor of the will. My mother-in-law has little in savings. Once the funeral expenses are paid (some of which will most likely be borne by her children, who have little money themselves) there will be nothing left to cover bills of the house and probate costs until the house is sold. There is some equity in the house, but nothing that is available until sold. There may not even be much in equity, as the house needs a lot of work by the future owner.How are the bills associated with her estate to be paid in this situation? Is it best for my wife as the executor, to just "walk away" from the house?
Thank you.
My mother-in-law, who is not expected to live long, owns a home on a reverse mortgage. My wife and one of her sisters have been named as executor of the will. My mother-in-law has little in savings. Once the funeral expenses are paid (some of which will most likely be borne by her children, who have little money themselves) there will be nothing left to cover bills of the house and probate costs until the house is sold. There is some equity in the house, but nothing that is available until sold. There may not even be much in equity, as the house needs a lot of work by the future owner.How are the bills associated with her estate to be paid in this situation? Is it best for my wife as the executor, to just "walk away" from the house?
Thank you.