• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

I am my mother's executor

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

dhig

Junior Member
What is the name of your state (only U.S. law)? NY. I am the executor of my mother's estate, I have one other brother-you says he doesn't want anything -so he says. The only thing I can find of assets is the house which will have lettle left in proceeds maybe $2-10K if it would sell. I already sold all her old furnitue and items to fix it up so it is presentable. My question is If I hire an attorney and set up an account, as executor and a beneficiary is the IRS notified immediately? Not the estate but I owe 30K-they say 85k with late fees(I tried to do a compromise 2 years ago but they wanted a lot more I didn't have- and proceeded to take the the money I had in my checking account), if I only end up with a couple of thousand after attorney and RE fees, only to see the IRS seize the funds I might jusst let it go into foreclosure. I used my funds to pay the mortgage this month until I figure out what to do!
 


nextwife

Senior Member
What is the name of your state (only U.S. law)? NY. I am the executor of my mother's estate, I have one other brother-you says he doesn't want anything -so he says. The only thing I can find of assets is the house which will have lettle left in proceeds maybe $2-10K if it would sell. I already sold all her old furnitue and items to fix it up so it is presentable. My question is If I hire an attorney and set up an account, as executor and a beneficiary is the IRS notified immediately? Not the estate but I owe 30K-they say 85k with late fees(I tried to do a compromise 2 years ago but they wanted a lot more I didn't have- and proceeded to take the the money I had in my checking account), if I only end up with a couple of thousand after attorney and RE fees, only to see the IRS seize the funds I might jusst let it go into foreclosure. I used my funds to pay the mortgage this month until I figure out what to do!
Ok, first, let's seperate your executors responsibilities from your personal financial situation, as they are two issues. Have you filed probate and been legally established as the executor, or are you only referring to language in a will that says you should be the one that files to be named executor?

A. If the estate has an asset, like a house, it should be rented out or sold, and the assets placed into the estate. Who is residing there? They should be paying RENT to the estate, and the estate using the rent to make the payments. If vacant, it should be aggressively marketed to sell.

B. Your share of any estate assets might be subject to seizure by any of your creditors, but that has NOTHING to do with your responsibility to act on behalf of the estate. It is NOT responsible to let the property default, when it might otherwise be sold, or even sold short, simply because you have personal debt! Why should the bank and it's shareholders eat a loss because YOU have your own debts? You have a duty to make a good effort to make sure the house gets sold and not foreclosed. When did mom die? Have you been marketing the property? What efforts have you made to avoid foreclosure?

Sell the house and pay off the creditor, as PR this would be part of your responsibility. Are there other creditors? The estate also has a responsibilty to them, to not waste estate assets, by walking away from an asset that could have paid them off, or that could have been distributed to the heirs.
 
Last edited:

dhig

Junior Member
I have not gone to probate

First of all i gave up everything to move to Ny to take care of my mom, and I would do it again - it was mom-I loved her dearly-she was my best friend. I moved here from CA, and have worked since I have been here but got laid off and am only collecting $200 a week. I have been fixing up the house for resale and I am presently living here. But I could not afford the $1000 a month and to rent it, it has a $3000 roof problem that would have to be fixed first and I doubt, in the Buffalo area-3 bedroom/1 bath no garage-probably about $800 a month but the roof and a few other items-leaky basement would have to be corrected. She had no insurance-either life insurance, or insurance with a mortgage because of refinancing and her age. I have been trying to sell it on my own, because of the repairs necessary and RE fees on the other side, and attorney fees and court fees. I am still going through papers and ckecking with every insurance and every place I can think of but nothing has come up. I have spent the last month, painting and cleaning and many repairs, I have spent close to a $1000 of my own money on repairs(celing,etc.) and I paid this month's rent out of my own pocket which was a thousand dollars. The reason for walking away is that, there would be little money left after being reimbursed for the money i spent and turning the property over to a realtor and with no jobs here I need to get back to CA and get my life back. I have had only 2 offers both under the mortgage amount and can't afford to stay here too much longer, I keep hoping someone would want this area, and be able to get about $10K out of it but nothing has come close and I can't stay here much longer without a job and no funds. This is my dilemma and I might have to walk away not just for the IRS problems but I can't afford to pay the Prop. insurance,and all the utilities.
 

nextwife

Senior Member
Are you LEGALLY pappointed as executor?

If so, have you contacted the lender? Offered a short sale or deed in lieu, rather than just walking away, as there is nothing for you or the estate to gain. I've worked with many insolvent probates in which the executor worked in concert with the lender to accomplish a sale, rather than make the lender wait out the lengthy foreclosure process.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top