Legal Question in Wills and Trusts in California
Probate of Property that is under water
The property is worth 300k and the 1st and Heloc (money purchase loans) are 450K. There is also 175K 401K with no beneficiary. How will the probate court deal with the property that is under water?
2 Answers from Attorneys
Re: Probate of Property that is under water
The Probate Court will look at the home as it's current value. The creditors will most likely make the claim for the home and this should remove it from the estate with (most likely) no attachment to the 401K.
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Re: Probate of Property that is under water
Most likely the house will be brought into the probate but will be removed without the claims being attached to the probate. Call me. -John
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