More details to this question:
My dad passed away and left a will. Everything goes to my brother and I but he got a loan 2 years old and put his cars up for collateral. Will my brother and I have to pay off the loan in order to get the cars, or will it go to estate and be paid off? The loan didnt have any insurance on the loan if he died or lost his job.
1 ANSWER
Maryellen Sullivan
If I understand your question correctively, your father took out loans on two cars. He did not leave this cars specifically to you, but rather left everything to you and your brother. His estate is liable for the loans. If the estate does not pay, the loaner will be able to repossess the cars. You and your brother are free to make a deal between you as long as you both agree as far as how the loans will be repaid, but, if you want to keep both cars, the loan will have to be repaid somehow.
Answered on Mar 14th, 2017 at 3:20 PM