I am the executor of my mother's estate. A house was inherited by me and two step siblings. ?
Until the house sells there are utility bills, a cleaning bill...etc. My question is are all of us 1/3 responsible for these bills or does that fall on ME as the executor of the estate? There were other monies in the bank that are mine 100% with no split. I'm hoping the bills that pertain to the house until it sells are the responsibility of all of us...and just for the record I do have an atty in the state this is happening in but asking here is most often way faster than getting a reply from him
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Your Screwed pal! These bills you have to cover from her accounts. If no accounts then your loaning the estate the money until the house is sold. Then you collect what you paid, after that the balance is divided three ways. The head of an estate is not a good place to be!
< My question is are all of us 1/3 responsible for these bills or does that fall on ME as the executor of the estate? >
No, if you pay them you are entitled to be repaid from your mother's estate before the remaining monies are distributed to the heirs.
Hold a meeting between the three of you. Start by finding out if anyone wants to sell his share or buy out the others. Once that is established tell them all of you will responsible for any costs until ownership is transferred or the house is sold.
Good luck. Sorry about the loss of your mother.
All fees are the responsibilty of the heirs.. Save all receipts & when the house sells if they haven't contributed they will have to pay their share to you with the proceeds. Make sure to send all receipts to the attorney or title company before closing so they know this has been paid by you.
definitely split. You probably need to open a checking account in the estate's name.
You should be reimbursed for their share of any bills you have paid while the house is up for sale. That reimbursement is taken from the sales proceeds first, and the balance is split between the 3 of you. Make sure to keep all the receipts. It's very difficult to get the others to pony up their share while the house is on the market.
This is too important a matter to let random strangers decide. Anyway, laws vary by state and municipality, so you definitely need to talk to the lawyer. However, my guess is that expenses for the house are paid by assets of the estate, and not by you personally.
You need to document all and any bills with regards to the property, including selling and legal costs, these are all debts and debts need paying before anyone gets what is left, so once it is sold you can prove the debts which you paid/or need paying so those debts are equally shared by anyone who inherits
Has the estate been settled and the ownership is now in your three names? If yes, then how you work out the bills is up to the three of you.
If the house still belongs to the estate and the estate is selling it, the estate can pay the bills and then distribute the proceeds of the sale to the beneficiaries.
If the house was left equally to all three of you and it is going to be sold, then the bills need to be paid out of the estate. If the estate is illiquid (has no cash), you can lend it money and be refunded out of the sale prior to the division of the proceeds. Of course anyone living in the house now needs to pay a market rent to the estate. That money should be used to pay the maintenance costs.