Lexington, KY asked in Estate Planning for Kentucky

Q: Would like to keep inherited house but not inherited vehicle, both of which have loans.

I've inherited a few properties and a truck from my father. I am executor of estate and singular beneficiary. The house and the truck both have loans. I gave the truck back to the bank, thinking that would take care of that loan. They tell me I still owe 7000 from the truck loan. The estate does not have enough money to pay for it. Would I have to sell the house to take care of the payment, or pay for the loan myself so I can keep the house?

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Estate Planning Lawyer
  • Louisville, KY
  • Licensed in Kentucky

A: Your best option is just to keep the vehicle and pay the loan. You are not personally liable for any of the debt, but the debt must be paid from the estate (or you) before you can distribute assets to yourself.

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