M
MiamiFL
Guest
What is the name of your state? FL
First of all, thanks for all the great info in these forums. I’ve learned so much already. Thanks also, in advance, to whomever tackles all my questions!
My situation: My ill father is living on borrowed time. He is divorced, has no will, and will be leaving behind a neglected house, a mortgage, hospital bills(no insurance), immense credit card debt, 401ks& IRA (both less than debt), and some minimal joint accounts with 4 kids. We do not think his probate assets are nearly enough to cover his debt, especially since his house will most likely sell at a loss, and its contents are of no value. He has some equity, but not much. He will also be leaving behind ill feelings and emotional scars!
My questions: 1. Due to the bad feelings, none of his 4 kids want anything to do with filing probate. We are doing what we can to take care of him but are burned out on his verbal abuse! If none of us does anything, how/will the probate process be handled? What are our legal obligations?
2. If we need to hire a probate atty, who pays? What if there are not enough assets to cover the cost, in addition to his debt?
3. Am I correct in thinking the only things involved in probate in his case will be his house equity, mortgage debt, credit card debt and hospital bills?
4. As beneficiaries on his IRA’s and 401ks, can the 4 kids immediately withdraw that money to pay off his hospital bills? We also might need the services of hospice, which we would like to pay in full.
Thank you!!!!
First of all, thanks for all the great info in these forums. I’ve learned so much already. Thanks also, in advance, to whomever tackles all my questions!
My situation: My ill father is living on borrowed time. He is divorced, has no will, and will be leaving behind a neglected house, a mortgage, hospital bills(no insurance), immense credit card debt, 401ks& IRA (both less than debt), and some minimal joint accounts with 4 kids. We do not think his probate assets are nearly enough to cover his debt, especially since his house will most likely sell at a loss, and its contents are of no value. He has some equity, but not much. He will also be leaving behind ill feelings and emotional scars!
My questions: 1. Due to the bad feelings, none of his 4 kids want anything to do with filing probate. We are doing what we can to take care of him but are burned out on his verbal abuse! If none of us does anything, how/will the probate process be handled? What are our legal obligations?
2. If we need to hire a probate atty, who pays? What if there are not enough assets to cover the cost, in addition to his debt?
3. Am I correct in thinking the only things involved in probate in his case will be his house equity, mortgage debt, credit card debt and hospital bills?
4. As beneficiaries on his IRA’s and 401ks, can the 4 kids immediately withdraw that money to pay off his hospital bills? We also might need the services of hospice, which we would like to pay in full.
Thank you!!!!