Legal Question in Wills and Trusts in California
who is responsible?
my mother passed away leaving an unsigned will stating all debts etc pay from her estate. my sister & i figured 270K in debts owed. can we let the house go to forcloser and just take the furniture etc. and be done with it? we stand to lose or break even if we go thru probate costs , fixing house to sell, relator fees etc?
2 Answers from Attorneys
Re: who is responsible?
Thank you for your question. More likely than not, you will have to go through probate whether you have a valid will or not. Probate may actually help eliminate some of the debt as it requires creditors to file a claim within a period of time. You should retain a probate attorney in you area. If you are interested in contacting me, please call me at (408) 268-2580.
Sincerely,
Kai H. Wessels, Esq.
Re: who is responsible?
The first and foremost question is, what do you base this amount of debt upon? There are ways to deal with high debts in Probate when there is limited money to pay, it is called a Proration of Creditors' claims.
Of course you CAN let the house fall into foreclosure, but it would be prudent to first review what assets exist as well as what debts.
If you would like to learn a little more about Probate, you can review the information provided on our firm's site at www.No-Probate.com.
if you prefer, please also feel free to contact me directly at 626-578-0708.
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