A
anahamkarah
Guest
Just found the forum and scanned about a bit, looks to be very helpful! I was hoping to get a little counsel on my situation:
My grandmother passed without a legal will in 2007, I agreed to be the executor of the estate and got the process started. (The rest of my eligible family declined their "share").
She left a house, a car, and just a few others small assets (some furniture). There's a mortgage on the house, and some of her final expenses which were tacked on to her estate. Here's the sticky part, I've been trying to sell the home with no luck, and am about ready to totally give up the property, resign as executor and return all assets to the court. (forgive my ignorance on the matter if I'm using incorrect terminology.)
1st question is, can I do this and does it work like that? Can I just decide to "walk away" now, and let the state handle it as if she had no living heirs whatsoever? I know I will lose all rights to her property etc... I've been living in the house (and paying the mortgage) for two years now and I don't know if that would highly complicate the matter or not. I basically just want out and want to walk away and take the "hit" and get on with my life.
The 2nd part is also tricky, I have a lot of student loan debt that I am behind in paying. My grandmother co-signed on these loans in 2004. When speaking to them about why I couldn't pay them I explained my situation, and they informed me that since my grandmother co-signed that they should have been notified and put on the estate as well. Now, I know I can basically go back a step in the probate process and add them to the estate, thus making my grandmothers estate ultimately responsible (right?) for that student loan debt... could I do that BEFORE resigning my executor position and essentially leave the "responsibility" of the debt of my student loan and her mortgage for the "state" to handle?
What are my options? I will be watching this thread to answer any further questions if need be. I tried to be as brief but as detailed as possible! And thank you in advance if you take your time to help me out!
Thanks!
My grandmother passed without a legal will in 2007, I agreed to be the executor of the estate and got the process started. (The rest of my eligible family declined their "share").
She left a house, a car, and just a few others small assets (some furniture). There's a mortgage on the house, and some of her final expenses which were tacked on to her estate. Here's the sticky part, I've been trying to sell the home with no luck, and am about ready to totally give up the property, resign as executor and return all assets to the court. (forgive my ignorance on the matter if I'm using incorrect terminology.)
1st question is, can I do this and does it work like that? Can I just decide to "walk away" now, and let the state handle it as if she had no living heirs whatsoever? I know I will lose all rights to her property etc... I've been living in the house (and paying the mortgage) for two years now and I don't know if that would highly complicate the matter or not. I basically just want out and want to walk away and take the "hit" and get on with my life.
The 2nd part is also tricky, I have a lot of student loan debt that I am behind in paying. My grandmother co-signed on these loans in 2004. When speaking to them about why I couldn't pay them I explained my situation, and they informed me that since my grandmother co-signed that they should have been notified and put on the estate as well. Now, I know I can basically go back a step in the probate process and add them to the estate, thus making my grandmothers estate ultimately responsible (right?) for that student loan debt... could I do that BEFORE resigning my executor position and essentially leave the "responsibility" of the debt of my student loan and her mortgage for the "state" to handle?
What are my options? I will be watching this thread to answer any further questions if need be. I tried to be as brief but as detailed as possible! And thank you in advance if you take your time to help me out!
Thanks!