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Thank you all for this general information.
Here are the questions I have left, that I will ask the lawyer:
1. What does probate cost? Lawyer fees or other costs. I think there is a $40 filing fee.
2. What would my liability be if I do most of the work and represent the estate?
3. Can my sister and I be completely isolated from the estate's debts. All debts, the HELOC, credit cards, hospital bills, utility bills, taxes, ect.
4. Is there anything my sister and I would be responsible for? Her debtors have never called either of us.
5. Can my sister and I empty the house? There is not much monetary value in what we would take. Family photos, knick knacks, maybe some furniture.
6. If we have an estate sale to sell the contents of the house, where does that funding go?
7. She is probably due back all her income tax, were does that funding go?
8. There is a car that's maybe worth $1k that was paid off, but we can't find the title. We don't want it, but could sell it.
8a. Does the county issue replacement titles?
8b. Could we sell it, or would it be part of the probate?
9. And another bill arrived today from the state. They say they overpaid unemployment and want it repaid. Since she was unemployed during her hospital stay, could she file posthumously file for 2 months of unemployment to pay the state back?
Doing some of the math in general terms:
Her HELOC is 92% of the banks estimated value of the house. This was known before her death because she was going to refinance before she was admitted to hospital.
The credit cards that we have found so far are about 40% of the house's estimated value.
Medical bills from the 2+ months??? A rough estimate of 3-4+ times the value of the house.
So liabilities are ~ 500% of assets.
I think walking away is the best option.
I do not want to pay an attorney too much and get nothing in return other than more debt on top of the funeral costs. If we can get something back after attorney fees it would be worth it. My sister has already said that I get the first $XX to pay for the funeral and we would split what is left 50/50.
If there are other questions I should ask, other than fees, please post them.
Thanks
Last edited by Eric P; 12-07-2013 at 17:26.
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