What is the name of your state (only U.S. law)? TEXAS
My brother and I were appointed independent Co-Administrators (submitted COPY of signed/notarized Will to court) of my step-mother's estate. My father and step-mother executed "exact" Wills (with a by-pass trust in 2000). Their combined estate in 2000 was approximately $700K+. My father died in 2003. We found out after we were appointed Administrators that my step-mother changed the IRA beneficiary from the estate (after my father died), to her two natural daughters (there are five heirs in all - two natural children and three step-children). My stepmother died in April 2010, and we have learned that she has literally blown all of the money - besides the IRA account going to my step-sisters, the only other asset is her home which is currently listed on the market. In the meantime, my brother and I have been paying the monthly utilities, and the dwelling insurance which is costing $600. a quarter. We can no longer continue paying these bills. I don't know if I'm receiving ALL of the advice my board-certified estate attorney should be telling us. The attorney stated that if the property insurance lapses and the house burns down, that my brother and I will be liable - even though we have notified the attorney in writing that we no longer have the funds to pay the quarterly premiums.
My step-mother's Will also states that the Executor/Administrator may resign at any time, without cause. But my attorney (who doesn't want us to resign because our $5K retainer fee has just run out), is telling us that it doesn't matter what the Will states, it's up to the judge, and more than likely the judge wouldn't approve the resignation. We are in a Catch-22 situation. I'm not sure I know what to believe, please help if you can.What is the name of your state (only U.S. law)?
My brother and I were appointed independent Co-Administrators (submitted COPY of signed/notarized Will to court) of my step-mother's estate. My father and step-mother executed "exact" Wills (with a by-pass trust in 2000). Their combined estate in 2000 was approximately $700K+. My father died in 2003. We found out after we were appointed Administrators that my step-mother changed the IRA beneficiary from the estate (after my father died), to her two natural daughters (there are five heirs in all - two natural children and three step-children). My stepmother died in April 2010, and we have learned that she has literally blown all of the money - besides the IRA account going to my step-sisters, the only other asset is her home which is currently listed on the market. In the meantime, my brother and I have been paying the monthly utilities, and the dwelling insurance which is costing $600. a quarter. We can no longer continue paying these bills. I don't know if I'm receiving ALL of the advice my board-certified estate attorney should be telling us. The attorney stated that if the property insurance lapses and the house burns down, that my brother and I will be liable - even though we have notified the attorney in writing that we no longer have the funds to pay the quarterly premiums.
My step-mother's Will also states that the Executor/Administrator may resign at any time, without cause. But my attorney (who doesn't want us to resign because our $5K retainer fee has just run out), is telling us that it doesn't matter what the Will states, it's up to the judge, and more than likely the judge wouldn't approve the resignation. We are in a Catch-22 situation. I'm not sure I know what to believe, please help if you can.What is the name of your state (only U.S. law)?