If I am the executive of an estate, can I be held to pay off debts of the estate? 17 Answers as of February 07, 2014

I.e. reverse mortgage, other debt loans, credit card. The reverse mortgage is that of my mother who now wants me to handle everything for her.

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Law Office of Pamela Braynon | Pamela Y. Braynon
The estate will be responsible for the debts, not the survivors. In the case of the reverse mortgage, if the estate does not have the money to pay it off and the person that inherits the home can't pay it, it will be foreclosed on. Normally if the estate can't pay off the reverse mortgage, the company will make arrangements with the beneficiary of the home to take become the mortgagor (the person with the mortgage); know that this person would have to qualify for a mortgage for the company to make these arrangements.
Answer Applies to: Florida
Replied: 2/7/2014
Strickland Law, PLLC
Strickland Law, PLLC | Jeffrey S. Strickland
If your mother named you as executor in her will for when dies, then you are charged with marshalling the assets and paying the just debts. You personally will not be responsible for any of the debt, unless you are a co-signor or personal guarantor. As executor, you will handle the estate, which could be selling property to pay debts and/or reverse mortgage. At the time of her death, you need to contact counsel. Davidson County requires?a fiduciary to have legal representation.
Answer Applies to: Tennessee
Replied: 2/4/2014
Law Office Of Victor Waid
Law Office Of Victor Waid | Victor Waid
Executors of an estate are generally not liable so long as they have followed all notice requirements re creditor claims; consult a probate lawyer to advise you.
Answer Applies to: California
Replied: 2/4/2014
Law Offices of Frances Headley | Frances Headley
Executors of an estate have no personal liability for obligations of the decedent. They are obligated to handle the property of the estate with care but can not be obligated to pay with their own funds. If your mother is still alive then you will need a power of attorney to act on her behalf. You should consult an estate planning attorney to review all the facts and circumstances and advise you how to proceed.
Answer Applies to: California
Replied: 2/4/2014
Law Ofices of Edwin K. Niles | Edwin K. Niles
You are not personally responsible, but her assets may be.
Answer Applies to: California
Replied: 2/4/2014
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    As executor you are not personally liable to pay debts of the estate. You do have the duty to collect the assets of the estate and pay the creditors out of the estate assets. Debts secured by property are paid upon the sale of the property. If insufficient assets are available then the creditors of the estate are to be paid base upon priority and then proportionately within a priority class but only out of estate assets. Your only liability would arise from improperly performing your duty and then your liability is to the estate. The creditors, as interested parties, could require that you perform your duties.
    Answer Applies to: Illinois
    Replied: 2/4/2014
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    In Oregon, the PR is not personally liable IF the PR administers the estate correctly, and pays the debts in the proper statutory order. If the PR screws up, the PR can become personally liable for some debts. When the time comes, do not do anything to settle your mother's estate, do not pay any bills (except the funeral, they will insist) until you have spoken with a probate lawyer who will work with you on the estate.
    Answer Applies to: Oregon
    Replied: 2/4/2014
    Gates' Law, PLLC | Thomas E. Gates
    You are appointed Executor of the estate by the court after someone has died. In this capacity, the estate is responsible for the debts of the deceased, not you. If your mother is still alive, you will need to be appointed her Power of Attorney. If your acts a legal, you personally will not be responsible for her debts.
    Answer Applies to: Washington
    Replied: 2/4/2014
    Frederick & Frederick PLC | James P Frederick
    The Personal Representative is not personally responsible for estate debts. The estate *may* be responsible for the debts, but there are many exceptions and allowances that might shelter some or all of the assets.
    Answer Applies to: Michigan
    Replied: 2/4/2014
    Fluhr & Moore, LLC | Steven S. Fluhr
    As an executor or personal representative of a will, you have the obligation to pay all legitimate debts of the estate form estate assets. You are not personally responsible.
    Answer Applies to: Missouri
    Replied: 2/4/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    Not from your own assets, but yes from your mother's assets. Generally speaking her bills must be paid before anything is distributed from her estate.
    Answer Applies to: Nevada
    Replied: 2/4/2014
    The Law Office of David L. Leon
    The Law Office of David L. Leon | David L. Leon
    You are not liable for the debts of the deceased UNLESS: 1. You co-signed the debt. 2. You used the credit cards for yourself 3. You agree to be liable 4. You misspent estate funds, causing a shortfall 5. You didn't follow the rules regarding debt classifications in the estates code.
    Answer Applies to: Texas
    Replied: 2/6/2014
    Attorney At Law | James G. Maguire
    After her death, your mother's estate will be liable for her debts, but not you personally.
    Answer Applies to: Louisiana
    Replied: 2/4/2014
    Sebby Law Office
    Sebby Law Office | Jayne Sebby
    No, the executor is only responsible for gathering the assets of the estate, paying off all debts and taxes owed by the estate, and then distributing the remaining assets according to the terms of the deceased's will or the intestacy laws of the state if there is no will. The exceptions would be if you jointly owned an asset with your mother (how to separate your share from your mother's) or if you deliberately committed fraud or some other illegal act while closing the estate.
    Answer Applies to: Nebraska
    Replied: 2/4/2014
    James Law Group
    James Law Group | Christine James
    You pay out of the estate but yes they have to be paid. If there is not enough money, you do not have to pay out of your pocket.
    Answer Applies to: California
    Replied: 2/4/2014
    Kirby G. Moss PC | Kirby G. Moss
    You can't be held personally liable, only to extent of assets in the estate.
    Answer Applies to: Indiana
    Replied: 2/4/2014
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    No, the executor is not liable for the debts of the estate. It sounds like she wants to give you her power of attorney. You might have liability there if you don't disclose that you are acting as an agent or you self deal. Other than that, you should be fine.
    Answer Applies to: Idaho
    Replied: 2/4/2014
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