What is the name of your state? Texas
Talked to 4 atty- cant get two answers the same...
My mother recently passed away= 30 days; no will; divorced; 3 heirs (31,30 & 25) the 25 year old, unmarried son, lived with her in her homestead exempt place of residence. (He is not on the mortgage or deed.)
1) Does the homestead exemption cease once the person dies? Does this property become part of the estate and thus subject to creditors and debt payment?
(Section 270- please interpret)
2) Does the 25 year old qualify to transfer ownership under
Texas Probabte Code -Section 271? (please interpret)
3) Looking at all debts- She had $80K in debt (including homestead) and the house is only worth $80K (only asset)- Would it be best to walk away from the estate & let the creditors
do the leg work and fight it out? I cant use Small estate Affidavit because liabilities exceed assets (excluding the homestead)...
4) How does the court determine value on personal property? Is there a dollar limit to be considered part of the estate?
Coming out of this with some sort of distribution to the heirs would be nice- but really we just want the best way to put it all to rest.
What are my options as far as claiming on the estate? clearing creditors?
Talked to 4 atty- cant get two answers the same...
My mother recently passed away= 30 days; no will; divorced; 3 heirs (31,30 & 25) the 25 year old, unmarried son, lived with her in her homestead exempt place of residence. (He is not on the mortgage or deed.)
1) Does the homestead exemption cease once the person dies? Does this property become part of the estate and thus subject to creditors and debt payment?
(Section 270- please interpret)
2) Does the 25 year old qualify to transfer ownership under
Texas Probabte Code -Section 271? (please interpret)
3) Looking at all debts- She had $80K in debt (including homestead) and the house is only worth $80K (only asset)- Would it be best to walk away from the estate & let the creditors
do the leg work and fight it out? I cant use Small estate Affidavit because liabilities exceed assets (excluding the homestead)...
4) How does the court determine value on personal property? Is there a dollar limit to be considered part of the estate?
Coming out of this with some sort of distribution to the heirs would be nice- but really we just want the best way to put it all to rest.
What are my options as far as claiming on the estate? clearing creditors?