Q: Dad died w/o a will. Only has a home with $50k in equity, and $8-10k in debt. Would I be required to sell to pay debt?
I have 3 siblings that do not want anything from estate. I have lived in the home for the last 6 years, and cannot afford to rent another home or apt. I would like to stay in the home and take over payments if possible. Would I be able to do just a small estate transfer, or informal probate?
A: This estate appears to be small enough that it could be administered by using the small estate affidavit process provided all estate heirs cooperate. However, under Arizona law, provision must still be made for debt. Since the estate is small, perhaps some of the debt might be forgiven by the creditors. I recommend consulting with a probate attorney to learn your best and most efficient options for handling this estate.
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