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Reply to "Any estate executor nightmares? Hoping to not feel so alone."
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[quote=Anonymous][quote=Anonymous]One note on terminology - at least in MD, “small estate” has a legal definition and it’s very low, either $30k or $50k total assets (I apologize that exact amount isn’t coming to mind). But in either case, this is not legally a small estate but a regular one. Good luck, OP. I am an only child. When I was settling my mom’s estate, all the legal, tax, bank, etc. professionals would at first say “Sorry that you are alone in this” and then look very relieved that I was all alone in this.[/quote] That is true about the legal terminology: I know in the state my parents died in the amount for a “small estate” is $50,000. At the same time, we ended when the estate is $8-900,000, when you’re splitting it between a few siblings, it makes a difference if the executor sibling is skimming a bit off the top of many of the transactions. Example: we had a friend whose sibling was selling the estate’s personal property. Technically, all the money from those sales is supposed to go to the estate. This sibling was selling things and then writing receipts that indicated the item sold for less than the actual amount. So, for instance, they sold a used car for $7,000 but the receipt said the car sold for $5,000. The executor pocketed the extra $2,000. Luckily, in my friend’s case, the executor sold an item to someone my friend knew and the truth came out. My friend thinks her sibling probably pocketed thousands of extra dollars doing this, but there’s no way to prove it and the other siblings will never be able to get their share of that money. I knew their parents and I am sure their parents would have been so disappointed with the behavior of this sibling, but I doubt she cares. She has the money and she doesn’t really care about her other siblings. [/quote]
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