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Was/known someone as executor for bankrupt estate


shootingstar

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15 minutes ago, bikeman564™ said:

I feel that anyone who had money owed to them would get paid from the person's estate. But feel & legal are different.

Yeah - I would assume an estate is first settled up - bills paid and assets ascertained.  Whatever is left after all debts are cleared gets distributed according to a will or court. :dontknow:  

I don't think anyone needs to accept executor duties.  My wife was 4th in line and said okay after the first three folks said NO WAY.  There was one more option after her, and then would have fallen to an appointed one.

IOW, the mess can be left to a person who gets paid to do it as their regular job.

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3 hours ago, Razors Edge said:

Yeah - I would assume an estate is first settled up - bills paid and assets ascertained.  Whatever is left after all debts are cleared gets distributed according to a will or court. :dontknow:  

I don't think anyone needs to accept executor duties.  My wife was 4th in line and said okay after the first three folks said NO WAY.  There was one more option after her, and then would have fallen to an appointed one.

IOW, the mess can be left to a person who gets paid to do it as their regular job.

How long did it take your wife to settle her father's estate (if I have the correct family relationship from memory)?  Some jurisdictions in CAnada  allow by law, up to 6 months, for potential beneficiaries to file a claim/contest in court over the will. This means the executor has to wait for this time period to lapse before proceeding next steps.

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5 hours ago, shootingstar said:

Have you...I mean after a person dies, debts should be paid, as well as the court/lawyer/accountant before beneficiaries get their share?

I think people do stuff and think they can leave their mess to heirs/executor.  Which is not right.

I was my mother's estate executor and closed the estate, did the required newspaper notice, etc.

The I found she had an unpaid $300 utility bill.  I decided to pay it to BGE.

At the same time, before my payment registered, BGE sold my mother's debt to a collection agency.

I had a hell of a time with them, even though I legally didn't need to pay them a cent.  I'd get nuisance calls at 2 am on weeknights, etc. demanding payment.

I arranged a 3-way phone call with the debt collector and BGE where the BGE rep said I had paid them the bill.  The debt collector didn't care and wanted his money.  I got the BGE rep's name in case I decided to sue.

I looked up the collection company online, found the name of the VP in charge of collecting, and emailed him a letter explaining the situation and politely saying my next step was hiring a lawyer and getting a proper payment for the harassment.

The next day, I got a phone call from the VP's assistant and, in 60 seconds it was all over.

It pays to be the squeaky wheel!

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I work with a guy who's financial plan is to be as far in debt as he can get, all the time. As soon as he pays something down enough to finance something else, he buys something else. Trucks, lawnmowers, motorcycles, side by side four wheeler, whatever catches his fancy.

He figures if he dies in debt he wins, he got to spend money he didn't have to earn or pay back.

He has a horrible lifestyle so he may die suddenly while still young enough to be borrowing money.   

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49 minutes ago, maddmaxx said:

Probate court requires an accounting of assets a debits. It can take up to a year sometimes to give all the past bills to come in and be settled before any assets can be released to the family.

That is the norm for accounting list of debits/assets also, across all courts and provincial legislation in Canada. Probate and estate law is provincial law, not federal.

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1 hour ago, shootingstar said:

That is the norm for accounting list of debits/assets also, across all courts and provincial legislation in Canada. Probate and estate law is provincial law, not federal.

I believe it variew by state here as well.  I remember having to set up an estate account at the bank and then vacuum up all the assets to deposit there.  That included the proceeds of the sale of a house, car and other bits and pieces.  Then all outstanding bills, taxes and repair/modifications to the house had to be paid.  During this time the court gave permission to distribute the non cash items specifically mentioned in the will like rings, insurance policies or bonds designated for grand children.

Disbursement of cash came at the end of the year as determined by the will

Oh, lawyers fees and court costs along with a payment to the executor came out of that account as well

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32 minutes ago, maddmaxx said:

I believe it variew by state here as well.  I remember having to set up an estate account at the bank and then vacuum up all the assets to deposit there.  That included the proceeds of the sale of a house, car and other bits and pieces.  Then all outstanding bills, taxes and repair/modifications to the house had to be paid.  During this time the court gave permission to distribute the non cash items specifically mentioned in the will like rings, insurance policies or bonds designated for grand children.

Disbursement of cash came at the end of the year as determined by the will

Oh, lawyers fees and court costs along with a payment to the executor came out of that account as well

Quite often I believe paying lawyers, court costs..and accountant if complex advice is needed, etc. comes from estate.  I've been reading Canadian legal information on this..and also from my own experience re dearie's estate.

Also if beneficiaries go to court THAT means often the judge might dictate in court decision, a lawyer's fees from a whichever party, to be paid from estate.   Sooooo, create a will that will lower future fighting among beneficiaries. 

Or maybe die with a modest estate...at least pay off all debts, bills and gives bits to beneficiaries.

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8 hours ago, Razors Edge said:

Yeah - I would assume an estate is first settled up - bills paid and assets ascertained.  Whatever is left after all debts are cleared gets distributed according to a will or court. :dontknow:  

I don't think anyone needs to accept executor duties.  My wife was 4th in line and said okay after the first three folks said NO WAY.  There was one more option after her, and then would have fallen to an appointed one.

IOW, the mess can be left to a person who gets paid to do it as their regular job.

It was the same for my mom’s estate which was mainly her home.  She carried no debt but there were associated costs to the sale of her home.  There were some other bank issues we had to sort out as I was named on her Dutch accounts as a co account holder but I wasn’t going to keep that money, it was lumped into her total estate & divided equally amongst us. 
 

WOChrisL is the executor of her dad’s estate.  Its specified in the will and he named her con account holder on his Schwab account as that’s where nearly all of his assets lie.  He no longer has tangible assets, homes, cars & such it’s all in his Schwab account.  Her mom… yeah not so much.  

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I can't thank my sisters enough for being the executors for the various family deaths we've had.  Wild Sister did my Dad (and the remaining chores for my aunt since my Dad was the executor for that when he died)  and my Not Wild Sister did it for my Mom.  Luckily for them there was nobody fighting over anything and we all get along and helped wherever we could.  The official title for a female executor is Executrix, so we took to calling whichever sister was serving in that role at the relevant  moment  as "Trixie" (and the estate account was the Trixie Account).   At one point the realtor helping us sell my folks' house asked if we had another sister because we were joking that Trixie would have to attend the closing.

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I presume (hope) the sisters who have children, have named their children as priority executor, etc.  Only 2 are under 18 yrs. old right now.  Remaining 5 are older and responsible folks.  When you finish HS, college or university program, you have the discipline to do stuff in an organized way, multiple demands, and to  timelines plus deal with a pile of parties.  which is hard when a person is grieving also.

I have zero clue if I'm put somewhere in ranked list, as an executor. Or maybe some folks, haven't gotten around to their wills.

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18 hours ago, shootingstar said:

How long did it take your wife to settle her father's estate (if I have the correct family relationship from memory)? 

It was quite a lengthy process - over 2 years in total.  It was only a few months ago that we did the final distribution and he died in 2020.  And that was no "wrinkles" and no contesting of the will or things like that. Just a crap ton of selling stuff, finalizing stuff, dealing with taxes and various gov't stuff.  

Not fun or easy, but certainly a learning experience.

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One credit union I worked for had an auto loan where the borrower died. The estate refused to settle the loan. The grandson of the borrower stated that his grandfather left him the car. He felt it was his in spite of a lien on the title. He hid the car well as repo agents could not locate it. The kid couldn’t register the car because of the lien on the title. 

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1 hour ago, Parsnip Totin Jack said:

One credit union I worked for had an auto loan where the borrower died. The estate refused to settle the loan. The grandson of the borrower stated that his grandfather left him the car. He felt it was his in spite of a lien on the title. He hid the car well as repo agents could not locate it. The kid couldn’t register the car because of the lien on the title. 

So he couldn't use  car or wasn't supposed to use the car which can be a risk for various scenarios..ie. car accident, etc.? :( 

Right now within my family, there's various "extra" cars because a parent or grandparent died or now in nursing home.  So 1 sis and hubby now have 3 cars..daughter uses 1 car.  Another sis and hubby inherited 2nd car 'cause my nephew and wife don't need it (after inheriting from a grandparent who died) nor want to pay for 2nd underground parking stall.

Rather interesting, all this add-on 2nd or 3rd car shuffling.  

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He could use the car, but when the plates expired, (every one to three years) he couldn’t renew the registration. Driving or parking on expired tags can lead to no good outcomes. Based on his documented  responses he really wasn’t capable to think things through logically. His grandpa wasn’t all that bright either leaving his car, not fully paid for, to his dimmer offspring. 

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36 minutes ago, Parsnip Totin Jack said:

He could use the car, but when the plates expired, (every one to three years) he couldn’t renew the registration. Driving or parking on expired tags can lead to no good outcomes. Based on his documented  responses he really wasn’t capable to think things through logically. His grandpa wasn’t all that bright either leaving his car, not fully paid for, to his dimmer offspring. 

What prompted me to start this thread:

local friend has some furniture stored 300 km. west of our city in paid storage locker she shares with her guy friend.  They used to live in that village.  Anyway....they've been paying locker fees for the past.....12 yrs.!!  She is 78...she's avoiding this "problem".  I know she is tight on her budget and lives in subsidized housing.  Anyway, if she doesn't do something about this, she's just leaving the problem to 1 of her daughters who lives in ...Quebec if she suddenly dies.  

I'm not geting involved in this.

Probably after death, then all sorts of surprises any family discovers about an estate's assets/debts.  

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17 hours ago, Parsnip Totin Jack said:

He could use the car, but when the plates expired, (every one to three years) he couldn’t renew the registration. Driving or parking on expired tags can lead to no good outcomes. Based on his documented  responses he really wasn’t capable to think things through logically. His grandpa wasn’t all that bright either leaving his car, not fully paid for, to his dimmer offspring. 

He'd also have to continue hiding from the repo folks, harder when driving.

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3 minutes ago, sheep_herder said:

He'd also have to continue hiding from the repo folks, harder when driving.

Funniest repo story that I ever heard was a repo man looking for an airplane. Like a Cessna kind of plane. The repo guy is good, always gets the collateral but this plane just can’t be found. Five fruitless years later he hears from one of his contacts. Hey, didja ever find that airplane you were looking for? It’s hanging from the ceiling of this bar near Cleveland Ohio. 

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3 hours ago, Parsnip Totin Jack said:

Funniest repo story that I ever heard was a repo man looking for an airplane. Like a Cessna kind of plane. The repo guy is good, always gets the collateral but this plane just can’t be found. Five fruitless years later he hears from one of his contacts. Hey, didja ever find that airplane you were looking for? It’s hanging from the ceiling of this bar near Cleveland Ohio. 

What a great idea...:whistle:

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