My mother died in May of this year, at the time of her death, her car had 12 payments left before it would be paid off. So far I have made 3 of those payments leaving only 9 more. I would like to pay the loan off and title the vehicle in my name.
Someone mentioned to me it may be subject to Probate
, but I have done nothing in regards ***** ***** My mother died with no assets of any significant value aside from some equity in her home, and the potential equity in the car. Aside from that, she did have a trust in place that held some mineral rights that generate modest income. My sibling and I are named as the beneficiaries. Until this matter with the car came up, I had assumed up until now I did not need to do anything in regards ***** *****
So the question is again, can I keep paying on the car, perhaps just pay the car off and title it in my name, or is it an asset of her estate
that is subject to some kind of probate process for which I need to initiate with the state.
I do not want to put any more money into an asset I may not have legal ownership over, or may be forced to liquidate in the end. Besides, if I was not currently making the payments the loan company would just repossess it and it would not be an asset to anyone but the bank. For that reason it seems to me I should have legal right to it if I am paying on it shouldn't I? Surely I could not be expected to keep making payments on a potential asset throughout what could be a months long probate process and then loose the car in the end could I?
The vehicle according to The Kelly Blue Book, has an estimated private party value of $12,000. Some of my mother's outstanding debts exceed that amount. I live in the state of Arizona.
Again, will I be able to pay my deceased mother's car off and title it in my name or is it going to be subject to her creditors if I do? Do they have any claim to the equity in the car now if I decided to try and sell it and pay it off? Totally confused how to proceed.