[USER]

Elderly parents (late 80s) have very few assets and have had their heads in the sand about their finances for decades.

Father has taken out credit cards in mothers name without her permission and run up large balances (her credit is now frozen) and will not be truthful aboout debts, created LLCs for various failed businesses, and machinery bought to start said businesses.

The question we have is who would be the executor if all of the children do not want the responsibility.

I’m not sure if there is enough money to pay an attorney. The house has liens but some equity (we think).

Who settles the estate if the family is not willing to do it?

[Joel]

It sounds like you and your siblings have nothing to gain from being the executor since more is owed than the estate is worth.

In that situation I’d just let the probate court sort it out.

You have no obligation to get involved.

[Matty]

In situations where children do not want the responsibility of being an executor for their parents’ estate, several options are available:
Options for Executor Selection

1. Professional Executor:
Hire a professional executor, such as a trust company or a bank, to manage the estate.

They have expertise in handling complex estates and can ensure all legal requirements are met. However, they typically charge a fee for their services.

2. Attorney as Executor:
An estate attorney can be appointed as the executor. This option can be beneficial if the estate is complicated due to debts and business interests.

Attorneys can navigate legal challenges effectively, though their services will also incur fees.

3. Public Administrator:
If no family member or professional is willing to serve, a court can appoint a public administrator to manage the estate.

This is often a last resort and may be more common when there are disputes among heirs or insufficient funds to hire a professional.
Considerations

Cost: Professional executors and attorneys will charge fees, which can be paid from the estate’s assets.

Complexity: Given the financial situation described, involving professionals may help address debts, liens, and business interests more effectively.

Family Dynamics: Choosing an impartial executor can help avoid conflicts among family members.

Consulting with an estate planning attorney may provide further guidance tailored to the specific circumstances of your parents’ estate.

[Charlene]

I think that even if you are named the executor in a will that you can reject to do it. Likely there is paperwork you’d need to sign to reject it.

[Michelle]

Checkout the group UK Probate General Support. You can ask any question there. Very helpful

[Author]

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