executor duties?

[sister2]

What is the name of your state? Illinois

My brother.who was acting as executor to both my mother and father's estates, just died himself be4 the estates were closed. Now I have been appointed administrator. Letters of office arrive this week. When I try to secure assets should they all be transferred to an estate acct.? or can ownership simply be transferred on some ex. bonds, stocks etc. Since the estate was ready for closing and is another public notice required now.?Also, there are insufficient assets to probate for my brother. If there is no estate for him, and only $1200 in his checking acct., how do I respond to his creditors? Should my lawyer provide some sort of official doc.?

 

[lwpat]

My suggestion would be for you to make an appointment with the clerk at the probate court. She can go over the files for your mother's and father's estates and advise you of what remains to be done to close the estates.

She will be able to help you with your brother's estate also.

In general you will need to transfer all liquid assets into an estate account. Then pay all outstanding debts in accordance with state law. If there are still any outstanding debts then items like real estate and stocks will have to be sold. Usually funeral expenses are first in line for payment.

Items like life insurance and joint checking accounts are not a part of the estate.