My father is potentially dying. He is not telling anyone the truth about his condition, but a nurse did say 'cancer' one day. And, he isn't even on chemotherapy-I don't understand it either. But, I have a feeling my dad will leave me his house. I don't want his house because he owes some company over $16,000 that he borrowed to have the windows on the house replaced several years ago. Can I refuse to accept the house so I don't get stuck with his debt if he dies?I need advice about wills and estates.?
An inheritance can be disclaimed if it is done within 90 days after the probate of the estate.I need advice about wills and estates.?
The debts of the estate will have to be settled before the heirs get anything at all.
If the estate doesn't have enough liquidity to handle the debts of the deceased, the property will have to be sold at market or auction to raise the funds needed to pay off the debts.
Any property or funds remaining after that goes to the heirs as stipulated in the will.
If there are not enough assets in the estate to pay the debts, then you won't get stuck with it; the creditors are out of luck.
Or, you could sell the house, pay off the debt, and keep the balance.
Yes. You're under no obligation to accept the will.
No comments:
Post a Comment