Legal Question in Wills and Trusts in California
Exemption of Inherited Property
My sister recently passed and left minimal assets. She had a 550k house worth 375k that is in foreclosure, 9k in saving, which paid off her car loan, and 80k in a 401(k) which she willed to me. She owes 8k in credit card deb. The bank is suing me for the debt. Am I liable?
1 Answer from Attorneys
Re: Exemption of Inherited Property
Her estate is actually liable for the debt, not you personally. Are you handling the estate yourself personally or do you have proper representation? Did you start a Probate? Unfortunately, even though it is in foreclosure, the value of the home is over the $100,000 requirement for Probate; you do not look to the amount still owed on assets to reduce their value either.
If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com
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