Another "who pays for question" - What to do when last parent passes away?
This is in NJ (throwaway account).
Estate is simple - house paid off, one car also paid off, and cash in a couple of bank accounts. Each account is actually joint ownership with one of the two children. Parents idea was always "it will be easy on them when they go". One account has about 1.5-2 times the other - this is not by design, but by how monies had been distributed and used to pay for current expenses. Will says each one get 50%. There's a small trust for the funeral expenses. One parent already passed away.
One child has been helping with the finances and is to be the named executor. Oh, and the executor is NOT the one one with bigger account... Hopefully the other sibling would be nice enough to give back the difference? (sure..)
So when the time comes, technically each account passes down to each child. The car and house (and contents) would be divided in two and proceeds to each child. But does the executor pay OOP for any expenses (outstanding bills, taxes, etc) and then reimburse out the the car/house?
TIA.