If a daughter inherited a house and car from her mother who left large credit card debts, will the daughter have to sell her inheritance to pay of the debt?

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If a daughter inherited a house and car from her mother who left large credit card debts, will the daughter have to sell her inheritance to pay of the debt?

Car and house worth less than $75,000; large credit card debt. Daughter wants to keep living in the house; she was caregiver to parents for 2 years. Can’t afford to pay credit card debt off.

Asked on December 14, 2011 under Estate Planning, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the liabilities of the estate are substantial in comparison to the estate's assets as in your question, the home and car which are assets in the estate may have to be sold in order to pay off the creditors who file timely claims. The key to your question lies with how many creditors and in what amount will file timely claims with respect to the estate in comparison with respect to assets that have no debt attached to them.

I suggest that you consult with a Wills and trust attorney to further assist with your question and assisting in the inventory of the estate you are writing about.


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