Q: Estate inheritance car with a loan i want to buy it dose estate account pay the balance and I pay my 2 sisters what th
Their share of profits from selling it would of been or am I supposed to pay the loan balance and there shares of what profit would of been
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A:
Under California law, when you inherit a car with an outstanding loan and wish to buy it out of the estate, the handling of the loan and payment to your siblings typically depends on the estate's financial situation and the instructions in the will, if any. Generally, the estate is responsible for settling any debts, including car loans, before assets are distributed to the heirs.
If you decide to keep the car, you would usually take responsibility for the loan balance. To fairly compensate your siblings, you would pay them their shares based on the car's value after the loan is paid off. This means you would first clear the outstanding loan balance, then calculate each person's share of the remaining value.
For example, if the car is worth more after paying off the loan than the total loan balance, you would pay your sisters their portions of the net value. It ensures that the estate is settled equitably among all heirs, including you.
It's wise to consult with an attorney to ensure that all transactions comply with California estate and inheritance laws and that all parties' rights are respected. This guidance can help you navigate the complexities of estate administration and inheritance, ensuring a fair and legal process for all involved.
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