I am the executor of my dad's estate. I moved in to his condo which he had an equity loan on. The loan is in his name only. Am I responsible to pay the loan? I was named on the condo in a beneficiary deed from my dad. A few months after my dad passed away my fiancee passed away also. So here I am, any advice? Should this have gone into probate? My dad passed in 2008. I moved in in January 2009. I've been paying on the loan since and through trying to refinance the loan in my name it was suggested to me that it wasn't my responsibility to pay the loan to begin with......
1 Answer from Attorneys
The suggestion you got was half right. It isn't your oersonal responsibility to pay the loan from your own funds. His estate is responsible for that, and you as Personal Representative would be the one to do that. You are also responsible to make sure that anyone living in the condo is paying fair market rent. Since that is you, you are sort of resonsibke for paying the note. The rental incone would be the finds from which the PR could pay the loan. If you haven't already, you need to consult directly with a probate attorney in your srea. If his estate is still open after seven years, you need advice specific to the facts of your father's estate, and your possible personal and and fiduciary liabilities. It may be tgat the estate doesn't owe the loan. There wasn't eniugh information here to fulky advuse yoy as ti yoyr oblugatuons as to the death of yoyr father. And certainly nit enough to guve yoy any advice as to your fiance. But, you have ny condolences as to both losses of loved ones.