Probate and inheritence

[boulderf]

I live in Pa and am the executor of my moms will. She passed away in April and I am trying to get this estate settled. I lived the last 8 years in my moms house with her so I could care for her. She had Alzheimers and cancer. My two children, 9 an 11, also live with me. My mom had no assets except for the house and had a lot of debt from medical bills. The last 2 years she was on public welfare so her medical needs could be met. I do not know where to go with this will. I have gone to the county court house and probated the will but now I do not know what to do to carryout moms wishes in the will. I am the only inheritor of the house but do not know how to change the property into my name. I still need to pay the taxes on it, file moms last tax return, and post a notice in the paper for her ceditors. Whenever I try to get help I am told to get a lawyer. The problem is I have my own financial problems and do not know if I can afford one. Since I stand to inherit the estate I would have to pay all costs for teh estate out of my pocket. HELP!

 

[Otanerr_r]

I live in Texas and i have only one child is necessary to make a will to leave all my properties to him he is an adult already.
If I have to make a wiil wich is better this or a leaving trust?

 

[advisor10]

1-5-2002

DEAR OTANERR-R:

You made a small mistake by posting your question in reply to boulderf's question, when you should have registered first (by clicking on the "register" button above and logging in under your own password), but it may have been hard for you to understand that in advance--no problem.

Yes, it is necessary and much better for the surviving child when the parent has prepared his own will. That way you get to specify EXACTLY what your wishes are and how they are to be carried out, and the surviving child doesn't have to worry about how to handle your estate affairs at the same time he is grieving.

Whether or not you want to leave a will or a trust depends on the value of your estate and also: a will is public record, whereas a trust is private. Your probate attorney can help you decide which one is better for you. With a trust, the ownership of the assets passes directly to your child at the time of your death without having to go through probate, so this might be easier for you. After evaluating all the facts with your attorney, you can decide then.

SINCERELY,

advisor

 

[advisor10]

1-7-2002

DEAR BOULDERF:

You are to be congraulated for having started the process of probating the will, in spite of all the other responsibilities you have had to take care of.

(1) What is the value of the home?

(2) Is it paid for in full or is there still a mortgage on it?

You should ask a real estate agent or a title company to give you an estimate on how much it would cost to have your name added to the property title/deed and whether or not probate is needed for this to be done.

Probate is a fairly easy process but since you are unfamiliar with what is required, it will be valuable to have the advice of an experienced probate attorney to guide you through it. (You should also go to the library and check out 1-2 books about probate/executorship so you will have an idea of what is required.)

Call 3-4 different probate attorneys to ask them for fee estimates. If you explain upfront that it is a simple estate that only involves the house as its only asset, and that you can't pay a retainer upfront, most attorneys who are ethical and who would be willing to assist you would make arrangements with you to pay off the legal fee in monthly installments over a year or two until it is paid off, or could recommend a firm that might do pro bono ("free") work for you. Also consider contacting the law department of any university that may be located in your city and ask if their is faculty or law students available that could assist you with your probate case (usually for free).


The estate costs in a simple estate (like the one you have), as far as probate court filing fees, etc. might end up being less than you think.

Since there is not enough cash in your mother's estate to pay her outstanding debts, her estate is technically bankrupt. All debts (including medical bills) will unfortunately have to go unpaid. Therefore, you would be unable to carry out the instructions of the will if she designated inheritances to any family members, but the will still does need to be probated officially as far as determining who will be the legally official heir/owner of the home and getting title transferred to the proper party.

SINCERELY,

advisor

 

[boulderf]

Thanks for the advice.

The home is assessed at 105,000 but needs a lot of work.

There are two home equity loans against it that I am currently paying.

Since there is not enough cash in my mothers estate and her only asset is her house, would I need to sell it to pay her debts. I currently live there with my children.