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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 37097
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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My Mother passed away in April 2013, she had a reversed mortgage

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My Mother passed away in April 2013, she had a reversed mortgage on her house and the bank is taking possession in September. I was appointed to be executrix of her estate in May 2013. I have 2 younger siblings. My Mother has no assets except the furniture in her home and $2600.00 in the bank. Today I went to her bank to close her accounts, they cut me a check made out to her estate and told me I was not able to cash it to divide it between the 3 of us children...that I had to open an estate account. She doeshave outstanding bills and 2 liens against her home....I am in the dark....I live in NY State.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Do the outstanding bills equal or exceed the checking account balance?
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Thanks
Barrister
Customer: replied 4 years ago.


yes,way more.

Ok, then to be perfectly honest, it won't be worth anyone's time to even open a probate estate. This is because all the creditors get paid first by law before the heirs get anything. So that means that the $2600 would have to be used to pay the creditors bills first so there wouldn't be anything left over for the children.
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So in a situation like this, it would probably be best to just divide the personal property and just forget about the bank account because you wouldn't be able to keep it anyway.
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Thanks
Barrister
Customer: replied 4 years ago.


thankyou.

You are welcome. I would hate to see you go through all the trouble of opening a probate case just to learn that you don't get anything from the estate and are stuck doing all the paperwork..
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Thanks
Barrister
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