My father died a week ago yesterday…He was only 52…?
He just bought his house (owes $195,000 on it), just bought his car a 2010 Toyota Camry, and his Harley Davidson motorcycle….He had no Life Insurance, but owned a small amount of stock. He just recently divorced my mother a year ago…My sister and I are the beneficiaries for his stock. Are we allowed to take his things inside his house, so the bank won’t repossess them, and will they take our stock money? What will happen to his house, car and motorcycle? I’m assuming they will be turned over to the bank…repossessed… He has much more debt then he has personal money. We found around $400 in his bank account… and he had about $11,000 in stock… Do we get that regardless of what he owes?
My father has had terrible financial difficulties his whole life, and it’s just sad to see that even in his death, he’s having the same issues… Rest in Peace Daddy….
I am sorry to hear of your father’s death and especially so because you are likely quite unprepared for it.
the administrator of your father’s estate, or whatever the state where he lived calls that office, is in charge of his affairs now. That means all of his assets and debts.
if your father left no will, a family member who lives in the same state can ask the probate court [or similar] to be appointed as the administrator, or can ask the court to open probate and appoint someone else. [you might not want the task.]
if your father did leave a will, even an old one, whomever it names as executor [administrator, personal representative, etc.] will be appointed to handle these tasks if the court finds him or her acceptable [usually, any adult who lives in the same state is acceptable].
you can get through this, although it will be painful.
Hi Sweetie ~
I’m so sorry for your loss.
Every state has different laws and procedures for how probate is handled.
Your best option is to get in touch with an attorney who specializes in this kind of situation and heed their advice. This looks pretty complicated, and I don’t think anyone in here can give you a definitive answer.
I wish you and your family Godspeed
*big hug*
sorry about that happened )= but I think that all that money and things are going to get taken away. I would take as much as I can from the house and if u have legal access to the stock sell it ASAP and put the money somewhere very safe where the government cant get to it, if u are under 18 it might be complicated. Good luck
I’d go get anything you can out of the house. Since he doesn’t have a will, it’s not listed.
I’m sorry for your loss. Your father was very young to die at his age.
Check out about the house. Almost no lender will give a mortgage without some type of mortgage protection insurance. This is often included in the repayments, though sometimes appears as a separate regular deduction from his bank account. If he had this, the house debt will be covered. That is the purpose of the insurance.
He bought a 2010 Toyota Camry? Do you mean he ordered one? He can’t have got one yet when it is still only 2009 now. If that is what you meant, that he ordered one, then that agreement should be null and void as I doubt if a legal contract with a dead man is binding. You may have to check to see if there was a deposit paid, and if you can get that refunded. If he already had the Harley Davidson, it will probably be repossessed.
Get some legal advice. If money is tight for you, the Citizens Advice Bureau is a good place to start. Lawyers know how to charge.
There are lots of things to sort out – if there ever was a will, who will be the executor, all the legal steps to be taken, the tax situation where you live, etc. The $11,000 stock he had may not be worth as much as that in these uncertain times on the stock market, and I am unfamiliar with the regulations where you are. You may find the $400 in his bank account is frozen until probate is taken out.
If you wish to remove valuables from the house to somewhere safe just in case, I think that is what I would do.
Good luck !!!
surely what he owes will be taken from the money he has and you and your sister will get whats leftover if anything. reguardless of you being beneficeries or not, he borrowed money he has to pay it back, and if he had no protection on it for death etc, then his next of kin foot the cost.
The house, car and bike will be taken back by the finance people, wether it be the bank who will sell them, or finance companies.
its sad your dad has passed away, but he hasnt done you any favors