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My brother passed away in Illinois and has an insolvent

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Hello. My brother passed...

Hello. My brother passed away in Illinois and has an insolvent estate. He owns a house, which is not habitable and needs to be torn down. Value of the lot maybe $30,000.00. But he owes $105,000.00 on the mortgage. He has $17,000.00 in student loans too. He does have a retirement account of $58.000 and $10,000 in life insurance, but neither lists a beneficiary. I am not really sure what to do.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Illinois

Lawyer's Assistant: What documents or supporting evidence do you have?

The mortgage and student loan statements. And a letter from the State of Illinois retirement system (he was a state employee).

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, that is pretty much the situation. I am his only relative.

Submitted: 4 months ago.Category: Estate Law
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Answered in 6 minutes by:
3/8/2018
Estate Lawyer: Jessica B,
 replied 4 months ago
Jessica B
Category: Estate Law
Satisfied Customers: 1,667
Experience: Attorney at Donald B. Linsky & Associates, PA
Verified

Hello. My name is ***** ***** I am a licensed estate attorney. I hope I may be of assistance with your question. Please remember to rate my service at the end of this session. Thank you! The first thing I would do is list all of the assets and all of the creditors and see if the assets are more than the creditors. If the assets are more than the creditors then you will want to open an estate.

Since the life insurance does not have a beneficiary it will have to be paid to the estate.

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Estate Lawyer: Jessica B,
 replied 4 months ago

The student loans you should be able to negotiate a lower payoff.

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Estate Lawyer: Jessica B,
 replied 4 months ago

If the creditors are more than the assets than you might not want to do anything. You are under no obligation to do anything.

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Estate Lawyer: Jessica B,
 replied 4 months ago

Please let me know if you need clarification or if you have an additional question. Thank you!

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