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Insolvent estate New York

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  • Insolvent estate New York

    My father-in-law recently died in New York. He had a very large lien to the IRS and very few assets. He had a will and my wife is named as the executor. I don't see any benefit to us for her to take on this responsibility. I know we can file for probate and decline being the executor but can we just do nothing?
    Last edited by notanymore; 09-16-2010, 04:02 PM.

  • #2
    If the will needs to be submitted for probate, someone has to do it. If she
    doesn't want to be executor, she needs to inform the court so they can
    appoint someone else.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      Originally posted by Betty3 View Post
      If the will needs to be submitted for probate, someone has to do it. If she
      doesn't want to be executor, she needs to inform the court so they can
      appoint someone else.
      Is there a legal requirement to submit the will? What happens if she doesn't submit?

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      • #4
        I understand what "notanymore" is asking. He and his wife want to simply walk away from the situation and let the chips fall as they may. They are certain that liabilities of the estate exceed assets and therefore there will be no payout to heirs. So they see no point in expending time, effort and expense in legal proceedings that cannot benefit them or other heirs (if any). What happens if they simply do nothing at all?

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        • #5
          The law requires that the will be submitted to the court. If she doesn't want to
          be executor, she just needs to turn the will in to the court & tell them she doesn't
          want to be executor. She can wash her hands of being executor but just give the
          will to the court. The court will appoint someone else as executor.

          If it is found out that a will was hid & not turned in, it is "possible" for that person
          to be sued or prosecuted.
          Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

          Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

          Comment

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