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My brother passed away in Illinois and has an insolvent

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Second opinion] Hello. My...

Second opinion] 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: 3 months ago.Category: Estate Law
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Answered in 3 hours by:
3/20/2018
Estate Lawyer: Barrister, Attorney replied 3 months ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 42,510
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

If it were me, I would just walk away because if he owes more than he has, there is no financial incentive to even open a probate case. The bank will eventually file to foreclose and sell the lot and any money that he had would have to go to pay the debt.

.

So if he had any personal property, I would just divide it up among the family and then let the bank foreclose and go after any of his assets that he had left if they wanted to do so.

.

But the retirement account and life insurance should have beneficiaries named and those funds would go directly to the named beneficiary outside probate and would not be subject to creditors..

.

So if that is you, I would suggest you contact the retirement administrator and the life insurance company and if you are beneficiary, get the payouts for yourself and walk away from the house and let them foreclose..

.

.

thanks

Barrister

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