If my mom recently made a Will but she doesn’t own anything, will my sister and I inherit her debt when she passes?
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If my mom recently made a Will but she doesn’t own anything, will my sister and I inherit her debt when she passes?
She left what she has to me and my sister to divide equally. She has a mortgage out on the condo that is a few thousand dollars more than what it is worth and shes paying a car loan for 7 years that she will probably never be able to pay off. The amount owed on the vehicle is more than what it is worth. Since my mom left everything to me and my sister, will we have to pay the full amount owed to the bank upon selling these 2 things, or just hand over what we made on the sell ? Our concern is that we don’t want to inherit her debt. She also has about 2,000 in credit card debt.
Asked on June 2, 2015 under Estate Planning, Ohio
Answers:
Christine Socrates / The Law Office of Christine Sabio Socrates, Attorney At Law
Answered 8 years ago | Contributor
It sounds like your mother's estate is insolvent.� You will not inherit her debt.� Both the mortgage and car are secured debt, therefore if you do not pay for either, they can be foreclosed or reposessed.� The credit card debt is unsecure so if the estate does not have enough assets to pay it, it will not get paid.� You can file for an insolvency, which is like a bankruptcy for estates.� Let me know if you need further assistance.�
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