Q: in order to keep house, do we have to pay off all debt left by deceased family member?
My mother in law passed away recently. She left her home to her five children. My husband would like us to fix it up and move in. His siblings are ok with it beings we would pay the inheritance tax. However, it has come to light that she has substantial credit card debt and medical bills(from chemo). I would like to know if we would be responsible to pay all of that before being able to aquire the home. Or are there options to get the debt lowered? We really do not want to lose my husbands childhood home but we are unsure of our options. Thank you kindly.
A:
In all likelihood, all debt, administration expenses and taxes would have to be paid in order for you to acquire the house by inheritance. Further, if the Will provides that the house is to pass to all five children, the other children would have to formally renounce.
This needs to be thoroughly reviewed with a lawyer.
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