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My sister passed away recently. No spouse. No will. No

My sister passed away...

My sister passed away recently. No spouse. No will. No assets other than a $22,000 IRA with no beneficiary. I am the administrator of her estate. I have a tax ID number. After funeral expenses she's left with 14k of assets. She had 18K in debt. How do I word the initial letter to be sent to the creditors?

Lawyer's Assistant: What documents or supporting evidence do you have?

, a letter stating date of death balance of Ira from the bank. As far as proving she had no assets there is no supporting evidence.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My sister was totally disabled and to my knowledge had not filed a tax return in almost 20 years.

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state this is in?

New Jersey

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Answered in 9 minutes by:
3/25/2018
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 43,047
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Have you paid yourself as Administrator yet?

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.

thanks

Barrister

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Customer reply replied 4 months ago
I don't know what you mean by that.
Customer reply replied 4 months ago
I went to the county surrogate and was appointed administrator.

You are entitled to be paid for being Administrator... That debt gets paid prior to other lower priority debts.. So what I am saying is pay yourself first...then spend whatever is left on the debts that you can pay and send a short letter to the remaining ones with a copy of the death certificate stating the estate is insolvent and all funds have been exhausted.

.

Then they will just write off the debts as uncollectible..

.

.

thanks

Barrister

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Although it isn't much, you can pay yourself 5% of whatever her total assets were... So you at least receive something for your time and efforts in settling the estate.

.

.

thanks

Barrister

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Customer reply replied 4 months ago
Who determines priority of debts? Who do I pay first?

The law does... Any final expenses get paid first, then the executor gets paid, then lower expenses..

.

3B:22-2. If the applicable assets of the estate are insufficient to pay all claims in full, the personal representative shall make payment in the following order:

a.Reasonable funeral expenses;

b.Costs and expenses of administration;

c.Debts for the reasonable value of services rendered to the decedent by the Office of the Public Guardian for Elderly Adults;

d.Debts and taxes with preference under federal law or the laws of this State;

e.Reasonable medical and hospital expenses of the last illness of the decedent, including compensation of persons attending him;

f.Judgments entered against the decedent according to the priorities of their entries respectively;

g.All other claims.

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Customer reply replied 4 months ago
I do not have to file for insolvency in probate court?

No, you just send the short letter to unpaid creditors with a copy of death certificate when the money runs out.

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Customer reply replied 4 months ago
Cool. Thank you barrister. I'll probably wake up with another question tomorrow.

You are very welcome. Happy to help any time.

.

It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

.

If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

.

Thanks much

Barrister

Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 43,047
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified
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Barrister
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