Liability

What is the name of your state (only U.S. law)? Illinois

My mother recently passed away and I was contacted by an Estate Attorney who asked me if I would be interested in being a co-executor to her estate; working with my brother to finalize things.
He mentioned something about liability and that as a co-executor that I would be responsible for any outstanding bills that may not be covered by her insurance policies and bank account.
Is this true?
I am is no way a wealthy person; living paycheck to paycheck and while I would like to be part of this and keep my brother honest, I cannot afford to pay for any outstanding bills she may have.

What should I do??

My mother recently passed away and I was contacted by an Estate Attorney who asked me if I would be interested in being a co-executor to her estate; working with my brother to finalize things.

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Co-executors are always a bad idea.

He mentioned something about liability and that as a co-executor that I would be responsible for any outstanding bills that may not be covered by her insurance policies and bank account.

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Don't talk to that idiot anymore.

Is this true?

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No.

I am is no way a wealthy person; living paycheck to paycheck and while I would like to be part of this and keep my brother honest, I cannot afford to pay for any outstanding bills she may have.

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A good reason to stay out of this mess.

What should I do??

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See answers above.

So am I to assume that I would be in no way held partially liable for any outstanding bills she may have?

If not, why did this attorney say that I would be?

He is sending me paperwork to read over and then either agree or decline the position.

Q: So am I to assume that I would be in no way held partially liable for any outstanding bills she may have?

A: Not unless you got some stuff from the estate.




Q: If not, why did this attorney say that I would be?

A: I cannot read minds.

If you have any concern about your brother as the Executor, yes, sign on as a co-executor. Who are the beneficiaries? If it is just you and your brother, you should sign on to protect your situation. No, you will not be responsible for your mother's liabilities.

The attorney who contacted me claimed that as a co-executor I would be, along with my brother, financially responsible for any debts she may owe should her assets not cover them.
If this is not true, then why would a man representing the law say this?
My husband thinks its because my brother is hoping that I decline, but I'm confused.
Do I trust my brother? Absolutely not, but is it worth losing my house over? No.
Any assurances you can give me on this subject would be appreciated.

You need to present the precise question to the attorney. He should be able to clarify. I'm guessing that you have a misunderstanding of what was said. You are liable as a co-executor to handle the assets according to the will. You are liable if you do something stupid with the assets. You are not liable for anything unless there is something you haven't told us. The only liability is against the assets of your mother's estate. Did she transfer assets to you previously to her death?

No, she did not give me anything prior to her death.
This attorney said that I will need to sign some legal paper about what MY assets equaled and that should any outstanding bills remain after her insurance policies and bank accounts had been depleted I and my brother would then be responsible for whatever remained.
I know that her combined Medicare and supplemental insurance will cover her medical expenses, but I do know that she had considerable credit card balances that she was working to pay off. I would imagine that those would equal approx. 15000; an amount that would exceed what is left from her life insurance policies after burial expenses.

While I would like to be a co-executor in order to keep an eye on my brother, I do not want to incur her debts by agreeing.

This attorney said that I will need to sign some legal paper about what MY assets equaled and that should any outstanding bills remain after her insurance policies and bank accounts had been depleted I and my brother would then be responsible for whatever remained.

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Who retained this attorney?

Assuming that you are relaying this right, if I did not have a bias toward taking posts at face value, I would believe that you are pulling our legs.

This attorney was obtained by my brother and while I would like to believe that a lawyer wouldn't just lie for a friend, yes he is undoubtedly a friend of his, I suppose it is possible that my brother is hoping to scare me out of taking on this position.

My aunt was named co-administrator, but she declined the position. I don't know why and my attempts to call her and find out have been unsuccessful. According to this attorney I was named as a successor to my aunt.

Apparently her will had been changed recently, because when I had spoken to my daughter a few minutes ago she told me that it was to her understanding that the will stated that the successorship went differently than what it is now.

My mother was not a wealthy person and frankly I would be surprised if there was anything left of her estate once the funeral expenses were paid.
Again, my only concern is being saddled with whatever debt may remain after her assets have been depleted.

Hold it !! Let's start over. If there will be no assets (did she own a house?) remaining after her debts are paid, then there is no need for you to be co-executor. Don't worry about him "cheating", there is nothing to cheat you out of. You are not responsible for her debts unless you have taken something that she owes money.

No, my mother did not own a home and she had approx. $1000 in a checking account along with about $10,000 in life insurance policies. After the funeral expenses, I would imagine that to be less than $3000 now.
Her medical insurance should cover the majority, if not all, of her hospital expenses.
It is to my understanding that she filed Chapter 13 about two years ago and was paying off the balances of her credit card accounts to an unspecified agency.
I called that attorney's office who contacted me yesterday and told them that I had spoken to an attorney in my area, which I did, and he informed me that I would NOT be liable for any debts after the monies in the estate had been depleted.
When I told this attorney's office that they said that I would, that it is common practice and that what they want me to sign is some sort of a 'bond' ensuring payment of the bills should the estate not cover it.
Somebody doesn't know what the heck they're talking about and I just would like a straight answer!
Am I, or am I not going to be held liable for any bills??????

marielynnette11 said:

....When I told this attorney's office that they said that I would, that it is common practice and that what they want me to sign is some sort of a 'bond' ensuring payment of the bills should the estate not cover it.
Somebody doesn't know what the heck they're talking about and I just would like a straight answer!
Am I, or am I not going to be held liable for any bills??????

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I suspected that this had somethnig to do with a bond. But, either you are still misunderstanding or the people in the attorney's office are idiots.

The bond is intended to protect the estate from malfeasance by the executor(s)/administrators - a guarantee that the executor(s)/administrators will carry out their fiduciary duties faithfully.

It is not an insurance policy that guarantees that the creditors will get paid if the estate does not have sufficient assets to pay the creditors.

Yes, they are fairly common, although generally a person's will can waive any requirement that a bond be posted. And, usually, a bond can be waived if all the beneficiaries agree that a bond need not be posted. In Illinois, I believe that a bond is required for an estate where there is no will.

Therefore, the answer is "No, you are not and will not be liable for the estate's debts if you choose to seek appointment as executor and you faithfully fulfill your obligations."

But, if your estimate of your mother's assets and liabilities is in the ballpark, the question is still: why bother? If you are a beneficiary, you still have rights to review how your brother has administered the estate.