estate questions

[Gina1960]

My mother recently passed away the beginning of March. She had recently updated her will in 2000 with a lawyer in town, (that she has known many years and is in his 80's,) that had her put everything payable to "estate" upon death. She made me executrix and I went to see him to start that appointment. So far I feel he is giving me some screwy advice. I have 4 brothers, 2 are not in town to really help and the other 2 are basically not too worried about the details but my mother had a home which was paid for, a small pension and a small savings. All together the estate is probably worth $110 thousand. I need to start paying her bills and funeral expenses. The lawyer sent waivers to my brothers and I paid him $200 for probate so far. I wanted to purchase her home. Our lawyer has told me I cannot purchase her home because I am the executrix and it is a conflict of interest. My brothers are not contesting anything and do not want to buy it. I have a home of similar value so I had told him originally it would be pending the sale of my home. He then told me to get around it we could put the home in a dummy corporation name like Ajax inc. and not tie my name to the company. That makes absolutely no sense to me! I told him I was uncomfortable with that and wouldn't do it. Then I received 4 of her insurance checks, totaling about $600 dollars. I planned to pay her homeowners insurance but he hasn't given me the appointment papers yet. He said, "Just go to the bank, deposit them into your account and keep track of what you pay". The bank said he gave me bad advice since then he would have access to my personal account and I would have to prove where all of my personal cash deposits came from. They said he should've given me an EIN number and it has to be a different account then my own. By this time I am furious and he hasn't returned my calls. I had signed papers with him Wed, one I know of is for an appraiser to go to the house, and it had the persons name on it already. I am wondering if #1) By telling her to put everything payable to "estate" just entitle him to more of a percentage upon death #2) Is he correct that I cannot purchase the house or is he worried my brothers, who do not really care, will give it to me or allow me to purchase it cheaper then appraised value and this will lower his percentage? He told me as executrix I am entitled to 4% of the estate, and his fee "is a little less than that". None of this feels right but since I signed papers Wednesday if I change my mind is it too late, or do I have 3 business days to cancel this? Thanks for any help!

 

[dee_dub]

Our lawyer has told me I cannot purchase her home because I am the executrix and it is a conflict of interest.

As long as you're not unfairly profiting from your position, you should be OK. Get your own lawyer (not one acting for you in your capacity as executor).

None of this feels right but since I signed papers Wednesday if I change my mind is it too late, or do I have 3 business days to cancel this?

Depends what the papers are. Cancel what? The lawyer has no claim to act for you - you can fire him at any time.

 

[Gina1960]

One of the papers was with an appraiser for the home and it had an apprasiers name on it. He apparently has his own apprasier which makes me wonder if there is an agreement with one another to over appraise the home. My brothers are considering making the home a gift to me since it requires some work. If we sell it as is we will certainly take a loss, and with the economy in my area homes are not selling very well anyhow.

 

[dee_dub]

I would doubt there is anything fishy between the lawyer and the appraiser, but you never know. If you're not comfortable with the appraiser, look to your agreement with them and see if you can break it without penalty. If you don't agree with the appraisal, you can always get your own done.

 

[Gina1960]

True. I think the lawyer is just a bit off the wall which makes me wonder about anything he has done. Thanks for your input.