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LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 7451
Experience:  Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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How do you know that a lawyer is giving you good advice? I

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How do you know that a lawyer is giving you good advice?
I' m the personal rep on my dads estate. He was sole owner in his business which was incorporated.lawyer told me to open estate account in dads name. All business related and personl items,machines,vehicled,materisl, tools etcetera an money recieved goes in that account. All these items were paid off bussiness and personal assets. Theres only a couple business credit cards that have filed gainst estate. My dad owned 3 propertys in his personsl name, he owes on 1 property, we have made enough to py off the house , but lawyer says not to.there are 3 of us.(siblings) we wanted to pay off the house debt w/ the money in estate nd put our names on propertys. Why shouldn't this be done?

LegalGems :

Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction!

LegalGems :

I'm sorry to hear of your dad's passing. One moment please as I review the rest of your question.

LegalGems :

Generally, when determining whether it is financially sound to pay off a debt, the consumer would have to look at the interest rate being paid on the debt (and any tax benefits) - as this would give you the cost of the loan, and compare that to what gain you would make if you used that money for other endeavors.

LegalGems :

But generally, the loan would not be paid off while the estate is being probated. The loan itself may have provisions as to what will occur on the owner's death -whether the loan can in fact be assumed by the heirs, or whether the heirs would have to secure their own financing.

LegalGems :

For clarification - the heirs would not use their personal money to pay of the mortgage. The estate's assets would be used for this purpose. Often times, the will makes provisions as to how debt is to be paid -from which assets. With a home, typically the heir's inheritance is limited to the equity in the home. For smaller debts, sometimes the decedent provides that the asset is to pass without debt to the intended heir, with the debt to be paid from the residuary of the estate or a certain bank account.

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