What to do with the assets of someone who died without a Will?

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What to do with the assets of someone who died without a Will?

My late brother took out a mortgage loan out for a modular home and bought furniture with a small portion of the loan. He still owed about $38,000 when he died. Only his name is on the mortgage papers, no co-signers. His assets are only an old car and a bank account worth only a little over $300. He had no Will. Can we, his siblings, who can’t afford to keep paying his mortgage, take the furniture without any repercussions from the mortgage company?

Asked on October 2, 2012 under Estate Planning, Indiana

Answers:

Catherine Blackburn / Blackburn Law Firm

Answered 8 years ago | Contributor

A mortgage does not cover furnishings, even if your late brother bought furniture with some of the mortgage money.  The only way the mortgage company would have a right to the furniture is if they took a "security interest" in the furniture.  That would be very unusual.  Is there a loan on the furniture?  If so, the loan papers would say whether the lender has a security interest in the furniture.  If your brother bought the furniture outright, then it is not covered by the mortgage.


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