Legal Question in Wills and Trusts in Utah
estate inheritance
I live with my elderly mother. She has little equity in her home, lots of credit card debt & no life insurance or funeral prepaid. If she passes am I responsibl e for her credit card debt, my sister and I will inherit the home.
2 Answers from Attorneys
Re: estate inheritance
You will not be responsible for her debt, but her estate may be. That means that while a creditor cannot hold you personally responsible for her debt, creditors can look to the assets in her estate to satisfy the debt. In your situation, your mother has little equity in her home, and few other assets, so her creditors probably will not get paid. The home will go to you and your sister if the title is held correctly. If not, your mother's estate will have to go through probate to transfer title to you and your sister. However, both of you will take the home subject to the mortgage remaining on the home. This means that you would have to pay the mortgage off one way or another. If you have further questions, please call me.
Re: estate inheritance
Her assets are first used to pay her debts, the remaining goes to her heirs.