If NM is like GA, and I did the math right that's nearly $16K. That's big chunk of change and more than realtor made!
Closing out an Estate
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If NM is like GA, and I did the math right that's nearly $16K. That's big chunk of change and more than realtor made!
I try to stay away from anything to do with estates. Being the executor of my late wife's was more than enough.
An acquaintance once told me...if you ever want to get even with someone after you die, make them the executor of your estate.
BLACKHAWKNJ
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"If you want the measure of a man's character, share an inheritance with him." Ben Franklin
When my Grandmother died (at age 104) she left no will. Her home is now falling apart in South Florida because of the lack of the family's ability to deal with it. It really doesn't bother me, because I never had any expectation or desire to share in my Grandmother's estate. If anyone comes up with a solution, I will not throw up any barriers, but I suspect that the house will end up being condemned or taken for back taxes. Some of the family will be happy that nobody that they hate got any part of it. Death can bring out the worse in people.
I'm currently settling both my father's and brother's estates. I'm taking the allowed percentages and I make no apologies for it. I've had to take time off from my business, multiple trips to the dump and charities, meeting with realtors, cleaners, attorney, judge, etc. I still have one more house to sell and one more tax return to file and I can wrap it all up.
Take what you're entitled to. It doesn't sound like your aunt will ever miss it.
*** That reminds me---If your uncle's estate has had any income, you'll need to file a tax return for him under the estate tax ID number. More fun and another reason to take the money.
I was the executor for my dad. My older brother was for my mom. She passed a week before my father. I had the whole ball of wax fall in my lap. Biggest thing is to keep track of where every penny goes. I had help with the attorney that set up my parent's wills.
My brothers wanted everything gone and didn't really care about it. I was closer to my parents and especially my mother. She had family heirlooms that were well over 100 years old that she really loved. Problem was she never talked to me about what to do with it. I don't think she could bare to talk about it. Both of my brothers and to a little extent, my wife, wanted it all gone and over with. If I could go back I would have done things a little different. Probably would have gotten a storage unit and then found a good auction house to sell it.
I respected my parents too much and didn't take a penny to be the executor. They had already given me enough.
My brothers wanted everything gone and didn't really care about it. I was closer to my parents and especially my mother. She had family heirlooms that were well over 100 years old that she really loved. Problem was she never talked to me about what to do with it. I don't think she could bare to talk about it. Both of my brothers and to a little extent, my wife, wanted it all gone and over with. If I could go back I would have done things a little different. Probably would have gotten a storage unit and then found a good auction house to sell it.
I respected my parents too much and didn't take a penny to be the executor. They had already given me enough.
AJ
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I was lucky when I was the executor of my Mother's estate. My name was on everything from house to bank accounts. I just paid off the outstanding bills and what was left was mine. Would much rather have her still around than anything else!
Where there's a will, there's a relative...
If anyone has read all this and not made plans for a Last Will and Testament along with a trust to take "options" out of your estate DO IT NOW.. I have done this for my parents and an Aunt that never married... having a trust was phenomenal and all I had to do was send copies to everyone listed.. the decisions were not mine.. I was just doing what I was mandated to do... I even got to tell a distant cousin that thought he was cheated somehow to go to the cemetery and yell at her, nothing was changing.
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I was the executor of my parents estate after both passed, dad being the last. All that was left was a house badly in need of repairs. My brother and sister stepped back and let me do what was needed. I had no intention of fixing it up, so planned to find someone who would buy it in its poor condition.
One of my nieces who still lived in the neighborhood had a realtor “friend” who made an offer to buy the house as is.
I thought the offer was too low but not a bad option to just unload the house.
Then an old neighbor told me about a realtor who had a relationship with house flippers. The realtor was a Bronx born guy, still living in the hood who played for the Boston Red Sox, named Mike Nagy.
He presented the house to a couple of flippers and the offers took off. We were offered 33% more than the “friend” of my niece, and much more than we ever thought the house was worth.
DONE deal!
The only debt I had to pay was a nursing home bill. We split the money three ways down to the penny, no hurt feelings throughout the whole process.
One of my nieces who still lived in the neighborhood had a realtor “friend” who made an offer to buy the house as is.
I thought the offer was too low but not a bad option to just unload the house.
Then an old neighbor told me about a realtor who had a relationship with house flippers. The realtor was a Bronx born guy, still living in the hood who played for the Boston Red Sox, named Mike Nagy.
He presented the house to a couple of flippers and the offers took off. We were offered 33% more than the “friend” of my niece, and much more than we ever thought the house was worth.
DONE deal!
The only debt I had to pay was a nursing home bill. We split the money three ways down to the penny, no hurt feelings throughout the whole process.
I sympathise. Never again! My brother was a CPA and formerly CFO of a major international construction company. You would think his personal stuff would be in better order…
Besides, I found out by accident that his lawyer was also his ex’s lawyer and that they were constantly working with her, apparently with a view of her gaining control of the estate. “For the kids,” of course. What a zoo.
Besides, I found out by accident that his lawyer was also his ex’s lawyer and that they were constantly working with her, apparently with a view of her gaining control of the estate. “For the kids,” of course. What a zoo.
My father left a small estate, with myself and 3 brothers. He had a will, which simply left everything equally to his children. Dad chose the executor based on geography...the brother that lived a 1/2 mile away got the job. We got an appraisal of the home, the four of us got the right to buy it for that price, all of us passed. Next the offer went to extended family, a niece bought it for the appraised price, proceeds divided equally. There was some cash divided equally. Then came the stuff, we all picked what we wanted without any disagreement. Then came the gun collection...about 20 pieces. Met at the house and opened up the safe. We assigned a number to each gun, put those numbers in a basket and we all drew until all the numbers were picked. We then matched our number to a gun to see what we were taking home. Even with 4 siblings, it was an easy, stress free, argument free settlement of the estate.... being a close family definitely helped. And then there's the other extreme, a neighbor that left a large estate. His kids fought each other in court for four years before it was finally settled.
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This^^^^^^^ my sister was the executor of her Nextdoor neighbor's estate. The daughter was a degenerate drug user who could not be trusted. Even with a house that was paid for. Lots of headaches over several months. I think my sister got $8k for her troubles. Which involved having daughter removed from house that she moved into without permission.
Finding an attorney that is experienced, honest and you can deal (ie communicate) with is a key accomplishment. They can make things go smoothly.
It might be too late to help but there is a resource called Nolo Press.
They publishes dozens of book on various parts of the law. Some of the relevant titles are Estate Planning, Make Your Living Trust, and one that I have is The Executor's Guide.
They are great guides on what to do, written in clear English, and describe some of the differences found in each State.
It might be too late to help but there is a resource called Nolo Press.
They publishes dozens of book on various parts of the law. Some of the relevant titles are Estate Planning, Make Your Living Trust, and one that I have is The Executor's Guide.
They are great guides on what to do, written in clear English, and describe some of the differences found in each State.
When the opportunity for “FREE MONEY!” presents itself in an estate situation, family members who have been always been nice, pleasant, forthright, etc., often undergo dramatic change. The shark dorsal fins start popping out of the backs people you would never have guessed would behave that way. The infighting usually results in hard feelings between the adversaries that never heal.
Doriangray6
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My father went through a bunch of crap with his relatives when his grandfather died without a written will so I long ago wrote out a will and had it reviewed by an estate attorney to make sure I didn't miss anything.
They suggested a few corrections and additions and then had it typed up with all the proper legal language and had their staff of legal assistants act as witnesses when I signed two copies of it, one for me and one that is kept at the attorney's office.
It clearly states who gets what with a clause that stipulates that anybody who challenges any part of the will gets nothing.
Every year I review it and usually add or remove a firearm or two as I continue to buy and trade them and if I do change it I have two copies of the revised version signed, dated, and stamped by a notary and give one copy to the attorney's office for their records and place the other copy in my gun safe along with the original and the attorney's info and my vehicle titles and other documents.
They suggested a few corrections and additions and then had it typed up with all the proper legal language and had their staff of legal assistants act as witnesses when I signed two copies of it, one for me and one that is kept at the attorney's office.
It clearly states who gets what with a clause that stipulates that anybody who challenges any part of the will gets nothing.
Every year I review it and usually add or remove a firearm or two as I continue to buy and trade them and if I do change it I have two copies of the revised version signed, dated, and stamped by a notary and give one copy to the attorney's office for their records and place the other copy in my gun safe along with the original and the attorney's info and my vehicle titles and other documents.
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BLACKHAWKNJ
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Often family members who feel they were constantly cheated and shortchanged , had parents who were mean and selfish and stingy see an estate as way to make up for it.
Recall a news story I saw on Yahoo! years ago about an elderly widow whose husband died leaving her owing $239,000 on a home equity loan. One friend, Dear Old Dad died-same thing. And the house was run down. Another friend, their mother died, the house was in a very depressed housing market. The one brother wanted his share NOW. That led to a rupture.
My one lawyer-friend with some experience handling estates, wills, trusts said an executor should be someone with experience who is neither family nor friend , outside the loop so to speak, can be non-partisan, objective, not subject to blandishments or bullying. he was skeptical of self help legal books, noting they were either too generic and tended to overlook case law.
Recall a news story I saw on Yahoo! years ago about an elderly widow whose husband died leaving her owing $239,000 on a home equity loan. One friend, Dear Old Dad died-same thing. And the house was run down. Another friend, their mother died, the house was in a very depressed housing market. The one brother wanted his share NOW. That led to a rupture.
My one lawyer-friend with some experience handling estates, wills, trusts said an executor should be someone with experience who is neither family nor friend , outside the loop so to speak, can be non-partisan, objective, not subject to blandishments or bullying. he was skeptical of self help legal books, noting they were either too generic and tended to overlook case law.
Anyone ever read "Bleak House" by Charles Dickens? A subplot in the story is a series of lawsuits over an estate. The subplot is based on the true story of an estate that was argued over for 117 years, and eventually ended because the entire estate had been spent on legal fees. It's known as Jennens v Jennens.
www.historyfacts.co.uk
So, you know, it could be worse!
Jennens vs. Jennens: The 117-Year Legal Battle That Inspired Charles Dickens
The intestate status of wealthy William Jennens unsigned will in 1798 meant that 117 years of legal wrangling followed. It inspired Charles Dickens.
So, you know, it could be worse!
