What is the name of your state (only U.S. law)? Texas
My mother recently passed away and left me executor in her will. Her wishes were for me and my sister to split everything 50/50, but she doesn't have any real assets to split other than a car and some watches. Here's a few facts.
1) Mom was not married
2) Mom did not own real estate (lived in an apartment for 26 years)
3) Mom's bank accounts had POD's assigned (i.e., not subject to probate/estate)
4) Mom's IRA had beneficiaries assigned (i.e., not subject to probate/estate)
5) Mom did not have life insurance
6) Mom's vehicle has a Kelley blue book value of $2,800
7) Mom has approx. $7,000 debt between her Dillard's and Citibank credit card; no other debt that I'm aware of
8) Mom's belongings in the apartment consist clothing, old furniture, watches, ear rings, shoes, socks, etc. (i.e., nothing of real value)
9) I'm currently paying her rent and electricity out of my own pocket while I clear things out (I'm not complaining; just say'n)
10) My sister and I split her funeral expenses out of our own pocket (I'm not complaining; just say'n)
11) My sister and I had a consultation with an attorney that told us to determine the value of the "estate"
12) The only thing I can see going to the "estate" is the car and possibly some watches
13) I'm estimating the "estate" will be around $3,100, tops, assuming we can sell everything
14) The cost to retain the attorney for probate is around $2,500 (paid upfront out of our pocket..)
Seems like we're going into debt. Is this how it's supposed to be? Guidance and/or suggestions appreciated.
My mother recently passed away and left me executor in her will. Her wishes were for me and my sister to split everything 50/50, but she doesn't have any real assets to split other than a car and some watches. Here's a few facts.
1) Mom was not married
2) Mom did not own real estate (lived in an apartment for 26 years)
3) Mom's bank accounts had POD's assigned (i.e., not subject to probate/estate)
4) Mom's IRA had beneficiaries assigned (i.e., not subject to probate/estate)
5) Mom did not have life insurance
6) Mom's vehicle has a Kelley blue book value of $2,800
7) Mom has approx. $7,000 debt between her Dillard's and Citibank credit card; no other debt that I'm aware of
8) Mom's belongings in the apartment consist clothing, old furniture, watches, ear rings, shoes, socks, etc. (i.e., nothing of real value)
9) I'm currently paying her rent and electricity out of my own pocket while I clear things out (I'm not complaining; just say'n)
10) My sister and I split her funeral expenses out of our own pocket (I'm not complaining; just say'n)
11) My sister and I had a consultation with an attorney that told us to determine the value of the "estate"
12) The only thing I can see going to the "estate" is the car and possibly some watches
13) I'm estimating the "estate" will be around $3,100, tops, assuming we can sell everything
14) The cost to retain the attorney for probate is around $2,500 (paid upfront out of our pocket..)
Seems like we're going into debt. Is this how it's supposed to be? Guidance and/or suggestions appreciated.