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What if you owed money to a decedent but you are one of two heirs and the other heir is living in the decedent's house?
Wiki User
∙ 13y ago
If the debt is evidenced by a promissory note or some other proof of how much you owe the decedent then the debt is owed to the estate. The two heirs generally share equally in the estate. You two should negotiate an arrangement that takes into consideration the money owed and the benefit of living in the inherited premises. You should consult with the attorney who is handling the estate for help in executing a written agreement regarding the property.
In order for title to real estate to pass to the heirs legally, the estate must be probated.
Wiki User
∙ 13y ago
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If a house that belonged to a decedent is sold do the proceeds of that sale become cash assets of the estate?
Yes. The proceeds will be used to pay the debts of the decedent and the costs of probate and the remaining balance will be distributed to the heirs according to the will or the laws of intestacy if there is no will.
If you are on the title of a house and the mortgage holder dies are you responsible for the mortgage if you are not associated with the estate?
If you wish to keep the property you will likely be required to refinance it and take on the financial responsibility depending upon how the property is titled and the probate laws of the state in which the property is located.ClarificationIf the decedent "holds" the mortgage ( as a mortgagee) then the answer is yes. The mortgage is an encumbrance on your property and it must be paid according to the terms of the mortgage. The heirs of the mortgagee now own your debt. You will need to make payments to those heirs. If instead the decedent granted a mortgage to a lender when they were the owner of the property, and you acquired your interest after the mortgage was granted, that mortgage must be paid or the lender can take possession of the property by a foreclosure.
If an estate has no money or is insolvent is the executor responsible for any monies like insurance owed on the house or mortgage payments or electrical bills and water bills?
No. The executor or executrix cannot be held personally responsible for the decedent's debts.
Your parents died leaving a mortgage on the heir property are the heirs obligated to pay the balance of the mortgage?
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
Who is responsible for a loan in deceased husband's name. Do I have to pay bank loan if house is in my name?
The estate is responsible for paying the debts of a decedent. However, in the case of a mortgage, the decedent transferred an interest in the property to a lender in exchange for money. That means the decedent didn't own the property when he died. If you want to keep the property you will need to take over the payments. If the mortgage isn't paid the lender will take possession of the property by foreclosure. If the loan is not a mortgage then generally, the creditor cannot attach any unpaid debt of your husband's to your home. However, the estate should be probated. You should consult with an attorney who specializes in probate.
Is the executor of the state now the owner of house?
NO. Generally, the heirs own any real estate left by the decedent.
Is a house considered an asset in probate?
If the property was solely owned by the decedent the estate must be probated in order for title to pass to the heirs-at-law.
Can an executor change locks on the house of the decedent in Canada when someone is living in it?
Yes.
If a house that belonged to a decedent is sold do the proceeds of that sale become cash assets of the estate?
Yes. The proceeds will be used to pay the debts of the decedent and the costs of probate and the remaining balance will be distributed to the heirs according to the will or the laws of intestacy if there is no will.
Do the contents of a house have to go through probate if the house was left to you in a Life Estate Deed?
You should consult with an attorney who specializes in probate law in your jurisdiction. If the decedent did not leave the personal property to you by a Will and there are other heirs who have rights of inheritance, the estate may need to be probated.You should consult with an attorney who specializes in probate law in your jurisdiction. If the decedent did not leave the personal property to you by a Will and there are other heirs who have rights of inheritance, the estate may need to be probated.You should consult with an attorney who specializes in probate law in your jurisdiction. If the decedent did not leave the personal property to you by a Will and there are other heirs who have rights of inheritance, the estate may need to be probated.You should consult with an attorney who specializes in probate law in your jurisdiction. If the decedent did not leave the personal property to you by a Will and there are other heirs who have rights of inheritance, the estate may need to be probated.
Must home be sold to pay estate debt?
If there are no other funds then the property must be sold to pay debts. The debts of the decedent must be paid before any property can be distributed to the heirs. If the heirs want to keep the house then they must get together and pay the debts.
Can the sale of my mother's house be forced to pay 2 judgments against her for unsecured debt that she had before she died?
Yes. A decedent's debts must be paid before any property can be distributed to her heirs.
What are the laws in California if a spouse dies and both names are not on the house?
As a general rule, the surviving spouse can at least claim his/her community property interest in the property; the balance of the prop interest would be subject to claims by the decedent's heirs at law (children, siblings, parents, etc.). If there are no such heirs at law, then the surviving spouse should be able to claim 100%.
Insurance paid for house after my mothers death no heirs on the deed how do i get the house?
Get probate done so that title can officially be transferred to the legal heirs.
Is a house and truck part of an estate?
If owned by the decedent, yes. Any property owned by the decedent at the time of death is part of their estate.If owned by the decedent, yes. Any property owned by the decedent at the time of death is part of their estate.If owned by the decedent, yes. Any property owned by the decedent at the time of death is part of their estate.If owned by the decedent, yes. Any property owned by the decedent at the time of death is part of their estate.
Can the executor not sell a house that is in a living trust willed to three people other than themselves?
This question has so many mixed and conflicting terms, that it is difficult to even understand the question, much less provide an answer. This answer will assume the probable situation that creates this question. I assume that the "property" that has been "willed" to 3 people is part of a living trust created by the decedent during his lifetime. If the decedent transferred this property to a living trust, the executor has no power at all to sell it. This is because the executor has power over property belonging to the decedent. This property is owned by the living trust, therefore, beyond the authority of the executor. Once the decedent transferred the property to the trust, the trust became the legal owner just as if the decedent had transferred the property to another person. Since the decedent no longer owns the property, he has no more power to "will" that property to anyone than I have to will your property to someone. Unless the trust provides that upon his death the property goes into his own estate the executor is powerless to sell to anyone. But this would be extremely unlikely, because the purpose of the living trust is to keep that property out of the decedent's estate.
Are the contents of a house part of an estate when a person is deceased?
Generally yes. If the contents belonged to the decedent then they would be part of the estate. All the contents may not belong to the decedent if the property was rented to the decedent or rented by the decedent to someone else. If another person lived with the decedent some of the propery may belong to that companion.
