Estate Planning

But the Only Asset is a House.

By Jennifer Sawday

A common question in a probate matter ...

My mother died and left her home in her name. That's all she had. And she didn't have a Living Trust. What happens when I want to keep the home, but we have to pay for probate expenses like attorneys fees and credit card bills?

The answer, in most cases ...

The home must be sold to pay debts and expenses unless the heirs buy it from the estate for the amount of debts and expenses. This means that the heirs have to come up with the money to pay for the expenses incurred in administering the estate in probate and it needs to be dealt with in a manner that will be approved by the court.

Attorneys fees for probate in California are set by statute and approved by court. See California Probate Code Section 10810.

________
Estate Planning, Probate and Trusts involve complex areas of law. Individual circumstances must be considered before any advice can be given.  The general information above is not to be construed as legal advice, which can only be given after consideration of the unique facts of each matter. Please seek the advice or counsel of your attorney, financial advisor or CPA as it may be appropriate.

Full post as published by Estate Planning Practice Blog on January 15, 2008 (boomark / email).