What to do if parents both died close together and left a house that nobody wants?
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What to do if parents both died close together and left a house that nobody wants?
The house has $80,000 still owed on it. It was left to the son but he doesn’t want to claim it or live there. They also left 2 small credit card debts with no other debts and a title of auto. There are no other claimants. What is proper thing to do here?
Asked on June 16, 2014 under Estate Planning, Tennessee
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I am so sorry for your loss. This is a bit complicated to guide you in full here but the son needs to disclaim the inheritance within 9 months of the death of the last parent otherwise he may be out of luck. The proposed executor has to probate the Will and once all the assets are marshaled (gathered) and creditors given notice and debts accounted for, he or she can sell the house, pay off the debt and distribute the proceeds according to the Will. Disclaiming the house just puts it back in the pot, so to speak, as an estate asset for general distribution. Good luck.
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