when is an estate considered closed?
Would you please let me know legally how one determines if an estate is closed out? My mother passed away in 2006. All assets were joint so everything went to the children directly.
Here's what is happening.I received a calls at home from a Bank asking for my mither I told them she had passed away and that I was the executor .According to them, she has a mortgage with them that has not been paid for 2 months. What I found out was that my mother had signed papers for my brother many years ago (he had gone through a bankruptcy) to purchase a house. Now the bank is calling me, as the executor of her estate, demanding that I pay the mortgage. I would like to know if, as the executor of my mothers' estate, do I have an obligation to the bank? When is an estate considered closed?
Another question is this; I am the executor of my brothers' estate. How can I protect myself from creditors should he pass away and leave debt? He already told me some time ago that when the time comes, I should just ''let the bank have the house,'' but I'm also concerned about money he is borrowing from others or money he may owe individuals. What is the responsibility of the executor in this type of situation?
2 Answers from Attorneys
Re: when is an estate considered closed?
you need a lawyer in your area...you will not and are not responsible for debts as executor UNLESS the creditor files a claim with the Probate Court, you have assets and refuse to pay..but without all the information..which you would give to a lawyer..who knows?
Re: when is an estate considered closed?
you need a lawyer in your area...you will not and are not responsible for debts as executor UNLESS the creditor files a claim with the Probate Court, you have assets and refuse to pay..but without all the information..which you would give to a lawyer..who knows?
Related Questions & Answers
-
Poa accounting sister was poa, omther has past in feb 2008. how do i get an... Asked 8/29/08, 4:54 pm in United States Texas Elder Law
-
Single premium annuity and gift or trust My mother is going to have to enter a... Asked 7/07/08, 8:19 pm in United States Texas Elder Law
-
Durable Power of Attorney my uncle resides in a nursing home in Texas. he has... Asked 7/03/08, 3:25 pm in United States Texas Elder Law
-
Elderly father will not take care of himself My father is 71 and in very bad health.... Asked 7/03/08, 2:18 am in United States Texas Elder Law
-
Last will and testament We Live in the State of Texas. We ( my wife and I ), are... Asked 6/19/08, 11:05 pm in United States Texas Elder Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
