Executors have a fiduciary duty to pay debts and sell assets.
Q. Co-executors of will filed in California have refused to take any action in New Jersey where the decedent owns a rental home, the only asset of estate. The house must be sold to pay debts. The executors are not paying the mortgage, taxes or utilities, causing further debt and liens. Their plan is to do nothing and wait for the lender to foreclose on the house.
the executors must protect the assets of the estate and act to facilitate the disposition of the assets consistent with the will, Steven Holt, an attorney and chair of the taxation, trusts and estates department at Mandelbaum Salsburg in RoselandHolt said. “However, their course of action could be appropriate if the value of the residence is less than the debt owed, and if the estate has no other assets that would be exposed to the liability for the shortfall.
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