mother died without a will , the apartment has an $ 80 , 000 mortgage . she was receiving Medicaid and they MAY put a lien on the estate , which only includes the apartment . i want to try and sell the apartment and my sister wants to walk away from it and let it foreclose . if she becomes the administrator , does that mean she has the power to do what she wants with the apartment ? thanks you so much in advance .
I will answer your questions as they were listed.
1. A prior bankruptcy does not disqualify someone from being the administrator/executor of an estate. However, if a BOND is required, it may make the bond more expensive.
2. Generally, the administrator or executor of an estate has the right and obligation to make decisions about disposition of the estate's assets. However, the administrator can't just throw away assets - they have to maximize the value of the estate. So, yes the administrator likely will decide if the apartment is abandoned or an attempt to sell it is made, based on the costs versus the possible income.
It sounds like you should contact a local, competent estates and trusts lawyer for advice.
I will tag this question "Estates and Trusts" in hopes of getting a better response for you.
If you need further clarity, please email me at MICHAEL@MIRELAND.US Answers to questions are for general information purposes only and do not establish an attorney-client relationship. This is not legal advice, simply information. You SHOULD NOT act on this information without consulting a competent bankruptcy attorney in your area and providing ALL relevant information.
1 found this helpful
2 lawyers agree