“Is Grandma doing us wrong?” She is the executor of our mother’s will, lives in her home and has not given us a breakdown of the estate.
My sister and I inherited a large sum of money and possessions after my mother passed away. My grandmother lived with my mother and is an executor. The will said that my grandmother could live in the house until she wanted to leave.
My grandmother, when dividing our funds, said she would keep some for property taxes and never gave us a breakdown of my mother’s estate either. What must we do? Is grandma doing us wrong?
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Among the many mistakes made by executors, or crimes that occur: misappropriation of funds or loss of funds by paying creditors without due consideration, mishandling the sale of a family property, helping oneself with an exorbitant fee for handling the estate and the loss or sale of valuable possessions such as jewelry or furniture.
But even for implementers who do their best to follow the rulebook, a lack of transparency and communication can make an already stressful situation that much worse. Your grandmother owes you those two things the most. Once the bills are paid, the executor will divide the assets in accordance with the will, and files that will be filed with the court.
A list of your mother’s estate must be included in the estate. This includes any business interests or real estate owned by the deceased individually, any stocks, bonds, bank accounts or securities accounts held individually, automobiles, tangible personal property, artwork, furniture, jewelry, and collectibles. New York City bar.
“The executor must pay all debts of the deceased, including unpaid bills, medical expenses, funeral expenses, loans and income taxes. Before paying any debts, the executor must determine the total debts, to ensure that the estate has sufficient funds to pay them all,” the organization adds. He or she is not required to seek creditors.
Unless otherwise stated in the will, and in accordance with the state in which your grandmother lives, she – as a life tenant – is responsible for property taxes, HOA fees, insurance and maintenance of the house. She also has a duty of care not to let the property fall into disrepair. You must consult the will of your mother, a lawyer and your grandmother, in that order.
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