Legal Question in Wills and Trusts in Indiana

how much to sell real estate to pay debts

is there a set amount that a house must be sold for to cover debts? the balance on the loan of the house, a charge card, legal fees (for the probate lawyer), & medicare are all owed at the time of death. can the house be sold to a family member of the executor at below market value? only one offer has been made on the house & it was for 50% less than the appaised amount. there are no family members of the deceased. 50% of the apprasied amount will not cover all the debts - who will be responsible for the remaining debts?


Asked on 1/30/07, 2:33 pm

1 Answer from Attorneys
Samuel Hasler Samuel Hasler

Re: how much to sell real estate to pay debts

The executor should probably not sell the house to a family member for less than fair market value. However, you have too few facts to really give you an intelligible answer.

As for whatever debts remain, if there are no joint debts (that is the decedent and another person), if the estate does not have enough assets to pay them off then that is the end.

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Answered on 1/30/07, 7:18 pm


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