QUESTION

Can’t we just leave my car out of the estate if it’s not mentioned in his will?

Asked on Aug 22nd, 2017 on Estate Planning - Illinois
More details to this question:
My car is in my dad’s name. He has passed away. We knew that someday, this would happen. Our plan was for me to continue to make payments until its paid for and then the executor of his will (my brother) would sign the title over to me. My brother told me that my father’s estate cannot be closed until the car is paid off.
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1 ANSWER

Estate Planning Attorney serving La Grange, IL at Law Office of T. Phillip Boggess
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Why don't you refinance the loan on the car? Then the debt won?t be part of the estate. The value of the equity of the car will be considered part of your distribution and the estate can be closed.
Answered on Oct 26th, 2017 at 10:12 AM

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