My dad died and left everything to me in his will. Do I list these things (house and car) on the estate?

My dad died and left everything to me in his will. Do I list these things (house and car) on the estate or is it considered mine since it was left to me in the will or are they still his assets until his bills are paid, more specifically a $20,000 hospital bill. Will I have to sell the house and/or car to pay this bill? Please help!!

Ok so what happens if the house has been sold and the money spent??

Everything your father owned must be probated. That means add up the value of everything, furniture, dishes, car, etc.

Next run an add saying anyone having a claim against your fathers estate must make the claim known to you by a date set by your state laws.
Beware of crooks filing false claims. Ask for proof your father incurred the debt. Signed Contract, etc.

In the case of mortgages on real property, contact the lender, and continue to make the mortgage payments in his name. If you don't keep the mortgage payment current, the bank can take the real property. Work out reassignment of the loan to you if they will allow it.

Add up all your fathers debts and file papers with the probate court telling the court how much your father had, how much he owed, and how you intend to pay his creditors. Include a copy of the add in the local paper.

Then you must sell whatever it takes to pay all his debts.

Lastly, file a settlement paper with the court saying all debts were paid, or as many as his estate had money to pay if they exceed the estate value. In some cases, the court will decree you must pay a percentage to all debtors if there isn't enough money to pay them all.

When the probate court decrees the probate is closed, you keep anything left over. Don't forget to get a good tax preparer this year so if any taxes are due, you won't get whacked by the IRS and State Dept. of Revenue.

They are the assets of the estate, and belong to the estate until it's settled. His creditors get 'first bite of the cherry'. Only when all creditors have been paid do the beneficiaries get what's left.

Yes, if you can't pay the hospital bill out of the estates liquid assets you might have to sell the house to do so.

(Another option, though, is to loan the estate enough money to cover the bill and then offset the loan against the value of the house for inheritance tax purposes.)

Richard

even though he left everything to you, any monies he owes will need to come out of the estate before you get a single dime. that's why there's a thing called probate. its so any creditors can put a claim in. and yes, if there is no cash to pay the creditors then the house would have to be sold to satisfy the creditors.

Are you the executor of the estate?? If you are you best get some professional help. Has the will been probated. The estate taxes are do before 6 mos. The house needs to be appraised There is quite a bit involved.

The assets of the estate have to be probated first. Consult an estate lawyer for advice. Any bills have to be paid from those assets.

Sounds like it will go into probate.