probate estate and debt

probate estate and debt

I just got a call from a motivated seller through one of my flyers. Here is his story .

His mother died recently and owed over 30,000 in credit card debt. He had talked to an attorney about the situation and somehow the son is the executor to the will or estate. The home is paid of so there is no mortgage. Does the house have to go through probate and then estate sold to pay of the credit cards?

I may be over my head here and I wish I knew a probate attorney. Anyone have any info on this? Thanks!




The_ Great _Martini,


Every state is a little different and may have different laws. It may depend on how the real estate is deeded in the name of the person or as a living trust. In most cases a living trust can bypass (avoid) probate.

Probate is not the worst thing, because during the probate process items are sold to satisfy debts. Thus, if there are other assets such as cash to satisfy debts, this may speed up the process. This may be a golden opportunity for you. Do a little research about your state's probate law and you may be in a position to help the executor. Your local county treasurer may be able to point you in the right direction. Good luck and keep us posted. Believe and Achieve! Smiling -Joe


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