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Can the executor of an estate sell a house to pay off the equity line of credit even though it is in probate? |
and there is a girlfriend living in it that has an life estate interest? Yes, disposing of assets to satisfy creditor claims is part of the process. The life estate would have to have been disclosed to the buyers as part of the sale documents. If the life estate is in the chain of title before the creditor's lien attached, I would say no, since the reversionary interest isn't in the decedent's Estate, but subject to the life estate. Very interesting question. This also depends on WHAT STATE YOU ARE IN. My understanding is that, when in probate, the court or its agent will have to permit the property to be sold, but this may vary by state. And if someone has a life estate, you are selling limited property rights, and will likely not achieve a value representing the full bundle of rights. If the estate had lots of debt and minimal assets, the assets are used to pay off the debt BEFORE anything is left to the heirs. How did it get to probate? You lost control at that point, and you &/or they are stuck for the time being. |
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