I live in New Jersey, and am the sole heir
and "executor (Independent personal Representative)" for my mothers small estate
which consists of a home that is more than $40K underwater with a reverse mortgage and minimal other assets in the home, essentially making the estate insolvent. Her will contains the following clauses:A. Power to Administer Estate. My Independent Personal Representative, with respect to my estate, in addition to other powers and authority granted by law or necessary or appropriate for proper administration, shall have the following rights, powers, and authority without order of court and without notice to anyone: to identify, gather, value, secure, manage and distribute assets, to maintain records, to settle and wind up business affairs, to pay just debts, to file necessary tax returns, to redirect mail, to cancel services, to establish trusts, and to carry out my wishes as set forth in this Will.
B. Independent Administration
. My Independent Personal Representative shall have the right to administer my estate using "informal", "unsupervised", or "independent" probate
or equivalent legislation designed to operate without unnecessary intervention by the probate court.I am interpreting that language to mean I can bypass formal probate. My plan is to execute a "Deed in Lieu of foreclosure" to settle with the reverse mortgage lender. However, they have made statements to the effect that I need official court "letters of testamentary" to settle the matter. There is no money in the estate to hire an attorney. Any advice would be appreciated.