Legal Question in Wills and Trusts in North Carolina
My grandfather is the executor of my late fathers estate. I have been told by him that the money owed is more than the estate is worth. He is in possesion of all my fathers belongings. I received a copy of the inventory list which has my fathers truck listed at a certain price. I have told him that I was very interested in the truck. He has informed me that I could purchase the truck for thousands over what the truck is listed for on the inventory list. Can he do this and would I have any say so in this matter. I am the only heir in the will and everything was left to me? Not sure what to do. He also has hired a lawyer to handle the estate. He has informed me that the estate will pay not only the lawyer but all funeral costs that he had told the entire family that he would take care of. He also said he would be looking for reembursement for money spent months before his own sons death. My father was on medicare and hospice during the time he is refuring to.
1 Answer from Attorneys
I don't know what your question is. If the estate debts exceed the assets, then there is nothing for you to inherit aside from small items of personal property. Medicare and/or Medicaid may have a lien on your father's property and these claims have to be paid in order of priority. If your grandfather is claimning reimbursement, he can get reimbursed for funeral costs from the estate up to $2500, as these are priority expenses also. Other than that, family members can chip in or not and he will have to eat it if there are insufficient funds in the estate. Medical care costs for medical expenses incurred within the last 12 months of death are a priority claim too.
Regarding the truck, your grandfather is correct that you have to pay for it as there is not enough money to pay the bills. I don't know how he figured the price. I suggest that you either have the car appraised, or go to www.kbb.com, www.nadaguide.com and www.edmunds.com and put in as much information about the vehicle as you can. You will get a trade in price and a private party price. Use the private party price and average the prices from all three websites to arrive at the price of the car. Your grandfather will have to file an accounting with the courts listing the true value. Often, inventory prices may be incorrect, especially if your grandfather just got a wholesale price or used the tax value.
Other than buying the truck, I do not know what "say so" you have in the matter unless you are the executor named in the will or if your grandfather renounces and lets you handle it.
If you still have questions and we are talking about significant assets, then you may want to hire your own attorney. You will need an attorney in the county/state where your father's estate has been probated. I don't know what assets or debts that your father had. I would obtain a copy of the estate file (its a public record and anyone can access it) and get a copy of the will, the preliminary and 90-day inventory, any claims and any accounting that has been filed and pay the attorney to review it.