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Irwin Law
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 6845
Experience:  30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
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My grandfather who raised me since I was 3 passed away 2

Customer Question

my grandfather who raised me since I was 3 passed away 2 years ago. He was never able to sign his final will which would have given the 4 beneficiaries equal shares oh his estate. When the initial lawyer read the will they said we could go with the draft if all parties were in agreement. The person who received 35 percent which was my uncle unfortunately was the only one not in agreement so we went with the old will which cut my inheritance in half I am receiving 12.5 percent vs the 25 percent that was in his final draft the old will we are going with is over 10 years old . my uncle hung up on the first lawyer when she suggested going with the draft which was more clar on his wishes which prompted her to tell us to find someone else to handle his estate since my uncle is a extremely unreasonable man so the 2 year journey started which brings me here since the lawyers who are handling things for the roughly last 2 years have provided no updates and auctioned off everything since they didn't figure anyone could agree who takes what without even asking us . I was devastated by his loss and eventually lost my job of 7 years I sent them a letter asking them to take over the car loan and personal loan payments my grandfather was the co signer on until I found another job that made me finacially stable enough to resume the payments . I havent found that job yet which has led me to wanting to go to school to become a drug and alcohol counselor .they finally sold the house for about 80,000 less than its current market value it was only recently sold due to the fact my older sister was squatting in it since his passing something they said they would hold her accountable for all the unpaid rent and time she cost us as a family they have yet to tell anyone if that will happen since things are finally coming to a close I asked them if these two loans my grandfather co signed on will be satisfied as part of settling the estate the answer I received was from one of the lawyers had stated his hope was my share would be enough to cover them which devastated me I don't want them paid off with my portion of the inheritance my grandfather said a vehicle is a terrible investment he would want me to pay it down over time and I wanted to use my inheritance to pursue a degree I was hoping I would just have to take over the payments if it came to that. I asked that since he is the co signer doesn't the balance off the loans have to come off the top of the estate instead of from my small portion of it I don't want to sound selfish but the other 3 beneficiaries are absolute nightmares of people and all have two incomes in their household and aren't struggling as I am which is why I want to pursue a degree to better my life . is there any precedent or examples I can give them of situation where things like these loans supposed to come off the top of the estate since he was equal borrower instead of eating up the whole of my inheritance .I need to know if they have to settle these to close his estate and if it is supposed to come off the top of the estate instead of just my portion . his estate value I think it about 110,000 since the house wasn't sold for its market value the total of the loans I am referring to is about 14000 .since I asked them to take over the payments in the letter I sent they have been sending the payments to the bank with the payment coupons I sent them which is why I am confused as to what he said about it is his hope there is enough in my share to cover them instead of what i thought might happen of either me resuming the payments once I receive my inheritance or it being paid out of the balance of the estate. the loans are where I live in NY and his estate is in Pennsylvania. my grandfather and i were very close and I know he would not want my inheritance to be blown paying off these loans since doing so at once will leave me with nothing and only save about 600.00 in interest since my current apr is 2.75 percent on both i believe im sorry for all the run on sentences and extra information I am just very frustrated and at my wits as well as still grieving . Thank you for your time
Submitted: 6 months ago.
Category: Estate Law
Customer: replied 6 months ago.
there was no life insurance on him through the bank for the loan due to his age at the time of signing he was ineligible for it
Expert:  Irwin Law replied 6 months ago.
Hello. Thanks for using Just Answer. You provided a great deal of information. Do you have a specific legal question to ask us?
Customer: replied 6 months ago.
yes it was in the information I provided does my grandfathers estate have to settle the loans he co signed on for me before closing the estate and doesn't it have to come from the overall estate balance not just out of my inheritance ? the loans are in ny and the estate is in pennsylvania
Expert:  Irwin Law replied 6 months ago.
I need to know if they have to settle these to close his estate and if it is supposed to come off the top of the estate instead of just my portion .Did any of the creditors file contingent claims in your grandfather's estate in New York? If so, then the claims would have to be dealt with before the estate is closed. If claims have not been filed but the estate is making the payments for you, then you are in effect receiving an advance on your inheritance. Since you cannot pay the loans on your own, the estate can continue make the payments and charge your inheritance in order to avoid a default which would give rise to a claim against the total estate by the creditor. I hope that this information is useful and that your question has been answered.
Customer: replied 6 months ago.
Relist: Answer quality.
Expert:  Irwin Law replied 6 months ago.
Please don't forget to enter a rating by clicking on one of the five boxes at the top of this reply. We are not employees of Just Answer, and only receive credit for assisting you when the rating is positive. AND THANKS FOR USING JUST ANSWER.

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