Let’s say you’ve found yourself in the position of an administrator of deceased person’s estate. You may get aggressive collection agencies pursuing collection. Be warned, sometimes they may imply that you are ultimately responsible to repay your loved ones debts with your own money. They might even imply you’re morally obligated. Neither are true statements.
A creditor can’t make you pay your loved one’s debts out of your own pocket. Now, you would have a duty to locate and inventory all assets of the decedent though. Plus, you’ll also have to notify all creditors about the death. Still don’t rush to pay off debts before you have a good understanding of the assets. It’d be awful if you ended up not having enough money to cover high priority bills needed to settle the estate. Seeking legal advice from an estate planning attorney is the wisest thing to do if you’ve found yourself in the role of executor or administrator of the estate.
Secured debts like a home mortgage or a vehicle loan must be repaid. If the estate’s assets do not repay these types of debt, they can repossess the asset. So, yes, a creditor of a secured debt could go after real property associated with it. So, if there is equity in real property, you may choose to pay money upfront. See, your attorney may suggest that you consider doing everything you can to preserve that equity until the property is sold or transferred.
Do You Need A California Realtor Specializing In Probate?
We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a realtor in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though. Sentinel Realty Partners wants our clients to be fully prepared and fully informed about buying or selling California probate real estate.
We have a list of the absolute best probate lawyers in California available for our customers. Plus, we also have relationships with the most vetted contractors, plumbers and electricians in California. See? We will guide you through every step of the process of selling (or even purchasing) a home involved in probate.
If you are buying a home in California, please have a look at our probate property search. If you need a Los Angeles, Orange County, Riverside, or San Bernardino professional to help you through the probate real estate maze, call us! These waters a murky, and you’ll want a knowledgeable, dependable, responsive team behind you. Check out Sentinel Realty Partners’ client reviews.