What happens if my son cannot afford the house and car that he will get when I die?

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What happens if my son cannot afford the house and car that he will get when I die?

Asked on December 7, 2012 under Estate Planning, North Carolina

Answers:

Victor Waid / Law Office of Victor Waid

Answered 8 years ago | Contributor

Your son will lose ther property to foreclosure if there is a loan on the property; if no loan, then he can sell the property and cash out.

Catherine Blackburn / Blackburn Law Firm

Answered 9 years ago | Contributor

If your son cannot afford the property, he will have to sell it.  If there is equity in the property, he will get the value of the equity.  If there is no equity, then he won't receive anything.  If loans on the properties are higher than the value of the properties, he can let the lenders foreclose on the house or repossess the car.  He is not responsible for any difference between the value and the amount of the loan.


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