I am the appointed executor of a deceased estate. There is only one fixed asset (apartment) in the estate and one stream of income (the rent paid for the apartment). I have two problems:
1. The real estate is mortgaged by a bank. There is no equity. There is an insurance policy that covers the outstanding mortgage amount, but the insurers refuse to pay out. It will cost litigation, which neither the estate nor I personally can afford, to get this money from the insurers. In the mean time the mortgage on the real estate is not getting serviced and thus the mortgage is now about 4x the value of the real estate! What do I do here?
2. I have a perpetual lease on the same real estate and pay the rent into the estate account every month. How do I calculate my executor fees since I might still beliving in the apartment 20 years from now since the lease automatically renews itself every year?