Father has no will- there is 100k loan out on house. In order keep the home in family, don't we have to pay that loan off?
Question Details: My sister lives with my dad, as well as my mother (they are divorced). They seem to be sure that when dad dies my sister will reside in the home and just pay the bills (she has no job and cannot take care of herself). I am his step son, the oldest of 5 kids in all- I really think someone will have to pay the bank off in order to keep this home and non of us can afford it. With no will what will happen. We also don't want to get stuck with paying inheritance tax.
Wills, Trusts, Probate Law Answers
I am a lawyer in CT that practices in this area of the law. If your dad has no will, then his assets will past down to his blood-related heirs- i.e. sister. She will likely have to pay some form of tax. if she cannot afford to pay for the mortgage on the house and cannto refinance the home to make it affordable, then you may be in a situation where she must sell the house. I suggest hiring a lawyer to help you with the estate work.
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