Have I been a fool or what?

[OLiG]

Here's the picture:
My ever so beloved brother passes over. It's been a hard 10 months for us and we did not move on probating immediately as we were advised we could take our time and then do so correctly. In the interim, my parents are still alive and since my brother was unmarried and childless etc., this makes my parents heirs. Ok. So, not to impose any additional hardship on my parents, I chose to continue paying his mortgage (which has a payment of 427/mo.) in addition to his car which was purchased 4 months prior to his passing (and has a payment of 290/mo.) We are now going into probate after having dealt directly with his 3 credit card creditors issuing his DC. They have not proceeded with any collections as the amounts were in the low hundreds and they were closed. There is only one wanting an amount of 1,800 from the estate, We have no concerns with that as my brother has a savings account with apprx. 11,000. in it. Other than that particular creditor we have no one hounding us or calling and feel pretty cleared up in regards to his few financial committments.
The Questions:
1.) Do I continue making payments on his mortgage and his car now that we are entering probate?
2.) Do the accounts just freeze and no disciplinary actions taken until resolution?
3.) If I stop making the payments will it raise questions as to my parents ability in continuing the payments on these two property items? They are in their mid 70's (reasonably good health and mind) and are on a fixed income.
Any insight would be really appreciated.

 

[lwpat]

Who is the Executor?

You have left out the most important part, and that is who has been named by the court as executor?

The executor is responsible for setting up a bank account, collecting all of the assets, and paying all of the bills in accordance with state law. The clerks at the probate court can provide information and some counties offer classes.

If you are not the executor then you to provide evidence of any bills you have paid and request reimbursement.

 

[OLiG]

THANKS!

I am being appointed as administrator. I have cleared up the Mortgage situation as it is assumable. I do have all receipts, do I get reimbursed from the estate before anyone else collecting? It's been a few thousand. Thanks for your communication! It is dearly welcomed and appreciated.

 

[lwpat]

What Estate Bills to Pay First?

What Estate Bills to Pay First?

I am being appointed as administrator. I have cleared up the Mortgage situation as it is assumable. I do have all receipts, do I get reimbursed from the estate before anyone else collecting? It's been a few thousand. Thanks for your communication! It is dearly welcomed and appreciated.

The executor is responsible for paying the debts of the deceased from the assets of the estate. State law determines which bills are to be paid first. Usually it is the funeral bills, legal expenses and medical bills in that order. Check with the probate court for a complete copy of the law.

You will need to set up a separate estate bank account in order to have a paper trail for all funds. Be sure to get a release from each debtor to file with the court. If you have paid any debts out of your own personal account the best way is to pay the bill again and have them reimburse you. This prevents anyone from claiming that you acted improperly.

Most courts have classes for executors to explain the law and the paperwork requirements. Note that you are entitled to be paid for acting as the executor. If the debts exceed the liquid assets then any real estate/personal property will have to be sold as needed.

 

[OLiG]

Again.

I had to reply to at least thank you. May you treat your life well. So long.