How can I get an estate settled if it is insolvent?
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How can I get an estate settled if it is insolvent?
I was made executrix of my mother’s estate after my sister (the original executrix) died. At the time I was made executirx another sister had control of the money from the estate she disbursed it without ever turning it over to me. Now I am getting bills that need to be paid and there is no longer money in the estate. I have tried resigning as executrix but the lawyer says I can’t because I signed as the paper to become executrix. Am I now responsible for paying the bills out of my own pocket? How do I get them to release me from being executrix?
Asked on June 14, 2012 under Estate Planning, Illinois
Answers:
Brad Micklin / The Micklin Law Group
Answered 12 years ago | Contributor
You are able to seek to remove yourself as executrix. You may need to file a motion and request permission from the court but you should be able to do so.
You would not be responsible for the missing money or debts unless you took an active part in the dissipation of the money. You may have an affirmative obligation to seek the return of the money from your sister, however.
Regarding the potential insolvency, you need to file order show clause declaring the estate insolvent. You will need an account tenet attached to it.
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