“I am my Fathers executor and there is a car that is not willed to anyone, I would like to finish paying bills out of my pocket to keep the car. But I have one other sibling involved. If I sell the vechile does it have to be sold for a certain amount or can I pay the remainder of the bills and keep the car?”

Thanks for asking this question and not taking matters into your own hands. Always be careful when acting in the position of executor and doing things which you “feel” are okay. Such actions will likely be construed differently by the court and other family members such as your sibling. All bills should be paid from the estate, so don’t attempt to pay the bills yourself and then reimburse yourself with the car. That’s not how things work. It isn’t legal and it could get you in a lot of trouble. I highly recommend that you seek the advice of an attorney to legally protect yourself and make sure that the estate is handled by the book. There is wording in every will which covers property which hasn’t been specifically designated. It is called the residuary estate. In this instance,the car is likely in the residuary estate. The residuary estate is the remainder of the estate after all specific bequests are made and bills have been paid. Many times it pays out to a set of beneficiaries such as the decedent’s children. If this is the case, I would generally recommend that the car be purchased from the estate for fair market value. The sales proceeds should then be placed in the estate account to be divided amongst the legal beneficiaries of the will.
Law Offices of Cheryl David
5606 W. Friendly Avenue
Greensboro, NC 27410
www.cheryldavid.com
cheryl@cheryldavid.com
blog.cheryldavid.com
(336)547.9999

The above advice is given for informational purposes only and should not be relied upon or construed to create an attorney client relationship.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

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