My question involves estate proceedings in the state of: NY
My aunt passed away a few weeks ago. My mom is her only next of kin. We have since found out that she was terminally ill.
As of a couple of years ago, she had a long-time corporate job, good retirement savings and a pretty high-end lifestyle. She then left her job for a "sabbatical". At this point, we don't really have much info, but from what we have been able to gather, she likely knew she was sick for at least a couple of years. It appears she may have spent her savings checking things off her bucket list (knowing she would not live long) and may have passed with significant credit card debt and very little assets (a small amount of cash). She rented and didn't have a car. We don't know if she had a will (I would guess she didn't) or any life insurance. We have been in touch with her landlord. Her super is supposed to meet us at her apartment. The landlord wants my mom to move her stuff and sign to terminate her lease so they can re-rent her apartment. It's possible that we could find a will or more financial details when we are at her place, but also might not find anything helpful.
My mom can establish that she is next of kin, has her death certificates and had paid a significant amount for her the return and disposition of her remains (she passed while on vacation) and will also be paying for moving her things and a memorial service. She would also be the one who would logically become the executor of the estate.
The first question is...how does one go about doing that in NY if there is no will? And...if it turns out that my aunt was insolvent at the time of death as it appears, with virtually no assets and significant liabilities, is it still necessary/recommended for my mom to act as executor? It seems as though the executor would incur expenses in settling the estate. Not to sound cruel, but this has cost my mom a significant amount financially (not to mention mentally/emotionally) and she doesn't want to continue spending money if there is no benefit/chance for reimbursement. What is the proper thing to do in this scenario?
My aunt passed away a few weeks ago. My mom is her only next of kin. We have since found out that she was terminally ill.
As of a couple of years ago, she had a long-time corporate job, good retirement savings and a pretty high-end lifestyle. She then left her job for a "sabbatical". At this point, we don't really have much info, but from what we have been able to gather, she likely knew she was sick for at least a couple of years. It appears she may have spent her savings checking things off her bucket list (knowing she would not live long) and may have passed with significant credit card debt and very little assets (a small amount of cash). She rented and didn't have a car. We don't know if she had a will (I would guess she didn't) or any life insurance. We have been in touch with her landlord. Her super is supposed to meet us at her apartment. The landlord wants my mom to move her stuff and sign to terminate her lease so they can re-rent her apartment. It's possible that we could find a will or more financial details when we are at her place, but also might not find anything helpful.
My mom can establish that she is next of kin, has her death certificates and had paid a significant amount for her the return and disposition of her remains (she passed while on vacation) and will also be paying for moving her things and a memorial service. She would also be the one who would logically become the executor of the estate.
The first question is...how does one go about doing that in NY if there is no will? And...if it turns out that my aunt was insolvent at the time of death as it appears, with virtually no assets and significant liabilities, is it still necessary/recommended for my mom to act as executor? It seems as though the executor would incur expenses in settling the estate. Not to sound cruel, but this has cost my mom a significant amount financially (not to mention mentally/emotionally) and she doesn't want to continue spending money if there is no benefit/chance for reimbursement. What is the proper thing to do in this scenario?
Estate Assets and Debts: My Aunt Died with No Will and No Assets - What to Do
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