Am I liable for any of these estate debt, if the estate is insolvent?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Am I liable for any of these estate debt, if the estate is insolvent?
I have been executrix for my deceased mother’s estate for 4 months now and it’s obvious that there is not enough value in the estate to cover all of mother’s debts. I have used some funds to cover travel (gas) and administrative costs.Through time bank fees have trimmed the small checking account and the still unlisted property has not been cleared of her hoarded goods and possessions. There are several liens against the property, a mortgage, and utility bills that accrued prior to shutdown. I do not have the personal funds to head off foreclosure at this point. What am I liable for?
Asked on May 1, 2012 under Estate Planning, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. Generally, you are not personally liable for her debt but you could have some liability if you mis handle or breach the duty. What you need to do is to negotiate the debt down to a manageable amount and try and stave off foreclosure. That can be done by either a deed in lieu of foreclosure or a short sale. Just make sure that the deficiency is waived. It costs a bank a tremendous amount to foreclose and if they can avoid it they will. Try and see about selling the possessions or getting friends to help you just bag and trash everything that is not of value. If there are other beneficiaries here I would make sure that they are on board with everything and that you give them full disclosure and have them sign off on your decisions (which are ultimately yours). Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.