Q: My father died and left his daughter (me) as his executor and a beneficiary.
Dad owned an IRA and named myself and 3 sons as beneficiaries. His will has been probated and the court named me as his executor. I want to access the IRA to pay his debts, but his accountant said that the IRA had to be divided to each heir instead. Is that true? The accountant advised that each each heir would have to sign a document allowing me 'trading authority' so that I could use the money to pay his debts. I'm sure they will not sign that document. How do I pay his debts?
A:
It sounds like you're trying to do this without an attorney. If the ONLY asset was the IRA, and there were no assets under the jurisdiction of probate, why did you file?
You don't have to pay debts if there are no assets. You need to seek the advice of a local attorney to review what is going on and see if there isn't some way to 'undo' what you have done to avoid this mess.
Seek local legal representation.
--This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship. I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice!
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