executer papers not found

[questionforall]

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

My mother recently passed away, she told all of her children and her brother that she was making me executer but we can not find any papers. I don't know if she had time to do the actual paperwork. Her wish was to keep the house in the family which is what we all want too. Can I develop a trust for keeping the house in the family. I was named benificiary on her insurance and 401K's but want to keep that money strictly for the family home. If there is no will can my mother's wishes still be carried out or will the home have to be sold and split?

 

[justalayman]

to be the exec, you would file to open probate and file to be recognized as executor.


the money from accounts with you as beneficiary are all your money. You would not be required to share that with anybody.

if all the heirs are willing to accept a share of the home, then you can title the home in everybody's name.

Be aware: her debts must be paid before determining if there are any assets to be distributed or not.

 

[questionforall]

mortgage deed

Mom still owes a mortage, I am pretty sure I can pay that off with the money she has left in my name. She told me she was putting me down on the house, would this possibly be on the mortgage deed? My name is not on the house as an owner but could she have filed something with the mortgage company? She told me she was putting me on the house, but there was no quit claim done and will no will is it possible the mortgage company has something? (and should I tell all her creditors that she passed away now or wait until I file for executership)
I spoke to one bank already and gave them a copy of the death certificate.
She has Ira's in which she has me listed as benificiary, should I go to those banks now or wait? She has records of insurance policy that I am sure I am listed on as well. Do I need to wait until probate is open?

 

[justalayman]

filing something with the mortgage company does not change the title (ownership). She would to have either written a deed transferring the property to you or through probate, it would be transferred to you if that is the proper action.

just to remind you: you do not have to pay off the mortgage with the money you received as beneficiary of her accounts. You can if you wish but you don't have to. Each inheriting heir would owe their fair share.

he has Ira's in which she has me listed as benificiary, should I go to those banks now or wait? She has records of insurance policy that I am sure I am listed on as well. Do I need to wait until probate is open?

if you are named as beneficiary on those accounts, they do not go through probate. They are yours (not the estate's or the other heirs) to do with as you choose.

as to informing the creditors: it shouldn't make any difference. They have a right to make a claim against the estate.

If there is not enough money in the estate to pay the debts, the house may have to be sold to pay those debts.

 

[questionforall]

pay the bills?

Should I keep the mortgage current? The credit cards? She doesn't owe a huge amount but again, wanting to keep the house in the family as my mother wished me to do. There is one son still living in the house. I know my mother would not the house to go into forclosure, even though she was sick she maintained her bills.

 

[justalayman]

I wouldn't worry about keeping the credit cards current. You might want to keep the mortgage loan current if you intend on keeping it.

 

[questionforall]

one more question

We have an estranged sister, I know she spent time in jail a few years back. Do we need to find her and list her and will the state she was incarcerated in attach the house for her share?

 

[anteater]

We have an estranged sister, I know she spent time in jail a few years back. Do we need to find her and list her and will the state she was incarcerated in attach the house for her share?

Yes, the probate estate's administrator will need to find her.

Why would the state try to attach anything?


And those IRA's...

Unless they are Roth IRA's and unless you can't avoid it, don't just withdraw the money. A distribution will be taxable income to you. If you can manage it, have them re-titled as beneficiary/inherited IRA's. Then you will only be required to take annual required minimum distributions based upon your life expectancy.

 

[questionforall]

because

I thought if someone was incarcerated, the "system" would want reimbersment back for the state's expense of having to house and feed her. At least that is what someone told me. Is that not true? Mom never had any state assistance herself

Ok on the IRa's, I can roll it, what about life insurance paid out to me? I pay taxes on that? I used one life insurance policy to pay her funeral expenses.

 

[anteater]

I thought if someone was incarcerated, the "system" would want reimbersment back for the state's expense of having to house and feed her. At least that is what someone told me.

I don't know. But, in any event, criminal or not, she is entitled to what she is entitled to.

Ok on the IRa's, I can roll it..

Be careful. In the usual meaning of the term "rollover", you can't. They must remain beneficiary/inherited IRA's. If there are multiple IRA's inherited from the same person, they can be aggregated into one IRA. But that one IRA must remain a beneficiary/inherited IRA. You can't roll it/them into an IRA of your own. You can do a custodian-to-custodian transfer, but the IRA's need to be beneficiary/inherited IRA's on both ends of the transfer.

what about life insurance paid out to me? I pay taxes on that? I used one life insurance policy to pay her funeral expenses.

Unless there is something very, very unusual about the policies, the proceeds are not subject to income tax.

As justalayman has said (I think without checking back over posts), you did not need to use the proceeds to pay the funeral expenses. A nice thing to do since you alone were the beneficiary, but not required.

 

[curb1]

How many children are involved in "keeping the house in the family"? You realize that could be a real mess when some of the people start dying and their share gets transferred to the next generation. Before long it would not be easily managed. What is the reason to keep it in the family? Would the whole family live in the house? Would it be rented? Or what? You need a good plan, or sell the house and be done with it.

 

[questionforall]

5 siblings

There are 5 of us which is why I thought some sort of trust would be good. Can the home be kept in the "estate of....." something like that?

I see your point of this causing trouble in the future if some of the siblings pass on to the next generation. It is a great house and none of us want to see it sold, it is our childhood home, we all agree that no one wants it sold.

 

[curb1]

I think your emotional attachment is overwhelming the associated logistical problems. What are you going to do with the house? Rent it out, or what? All five siblings can't live in the house. It loses some emotional luster as soon as it is rented out to a third party and can't be used by siblings. Trust or no trust, five owners will be very difficult. Then after the first remaining generation there could be 10 - 20 owners. It will be diluted greater as time goes by. It will not be manageable.

 

[questionforall]

I see what you're saying

Just don't know what to do about it. One brother still lives there, it would be unfair to have him move out, I would like to return there someday after my children are grown and all moved out. It was my mother's wish to keep it in the family- she told me that.
Just not sure

 

[anteater]

It loses some emotional luster as soon as it is rented out to a third party and can't be used by siblings.

It also loses some emotional luster when one or more of the siblings gets tired of having to pay taxes, insurance, repairs, other expenses, etc.

I think that we all understand your feelings. But these "co-ownership among the siblings" things tend to not turn out well.