QUESTION
Can I keep the house I've been living in for the past 10 years if my mother who owns it passed away and is in debt but left the house to me?
Asked on Feb 07th, 2015 on Estate Planning - Washington
More details to this question:
My mother died with debt recently, she filled out an estate questionnaire and had it witnessed by two people, I am not one of them (her daughter). All she has is a home that she owes 118,000 on and may be worth 156,900. She has a 1997 Chevy cavalier and that is it. We were robbed a few years prior of all our jewelry and such. I did not co-sign or agree or have any signature with her debts. Can I be forced from the home? Is the estate or her wishes that was written out and witnessed valid?
1 ANSWER
Thomas Edward Gates
Your mother is able to give her house to you via a will. However, the debt on the house must be paid. This could result in you carrying the loan or refinancing the house on your own. Because there is real property (house) in her estate, you must probate. In doing so, you must give notice to her creditors of her death. The creditors are able to file claims against her estate. These claims must be paid off before any distribution can be made to the beneficiary (you). You may have to sell the house if her estate does not have the resources to pay the creditors.
Answered on Feb 10th, 2015 at 6:12 AM