If a daughter inherited a house and car from her mother who left large credit card debts, will the daughter have to sell her inheritance to pay of the debt?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If a daughter inherited a house and car from her mother who left large credit card debts, will the daughter have to sell her inheritance to pay of the debt?
Car and house worth less than $75,000; large credit card debt. Daughter wants to keep living in the house; she was caregiver to parents for 2 years. Can’t afford to pay credit card debt off.
Asked on December 14, 2011 under Estate Planning, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the liabilities of the estate are substantial in comparison to the estate's assets as in your question, the home and car which are assets in the estate may have to be sold in order to pay off the creditors who file timely claims. The key to your question lies with how many creditors and in what amount will file timely claims with respect to the estate in comparison with respect to assets that have no debt attached to them.
I suggest that you consult with a Wills and trust attorney to further assist with your question and assisting in the inventory of the estate you are writing about.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.