QUESTION

Who is responsible for paying off the loan, the estate, or me as an individual who is the beneficiary?

Asked on Aug 20th, 2017 on Estate Planning - Ohio
More details to this question:
My mother passed away and left me her vehicle in her will. Her estate has been set up through probate, with all other assets (except for the vehicle) split equally between my two brothers and me (all named co-executors of the estate). The vehicle currently has a loan attached to it. I was neither on the original loan, a cosigner to the loan, or co-owner on the title. My brothers have misused the liquid assets while fixing up her house, and the lawyer is telling me I need to pay back to the estate the payments I made as co-executor of the estate for the automobile from the joint estate account (my brothers refused to pay the loan from the estate account due to a personal conflict of them not receiving the car in the will).
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1 ANSWER

Corporate/Business Attorney serving Beachwood, OH at Christine Sabio Socrates Attorney at Law
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It sounds like you need to consult with an attorney on this matter. More information regarding the estate is needed to properly answer your question. Unfortunately, the car loan follows the car so you would have to pay that off or assume the loan to transfer title to you. However, the loan amount or payments towards the loan can be factored into the distribution of the estate and deducted from your share of the estate.
Answered on Nov 04th, 2017 at 8:22 AM

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