My brother house is not paid for. He has a car, but no other assets, do we have to sell his furniture and stuff to pay his outstanding bill. There is no money in any bank accounts or stocks. He had to withdrawn his IRA way before passing. Can the family keep his personnel things or do we have to sell them to pay off his debts? I assume that we can foreclose on the house and let the bank will take it. He owes more on it than we can sell it for..There is just his furniture, clothing etc..No money in any bank accounts. Just the car (which is paid for) I suppose we have to sell it?
Probate question from Raynham, MA
Sorry for your loss. A probate court insolvency proceeding is probably the best way to proceed. The creditors may not be interested in your brother’s tangible personal property if it is primarily of sentimental and not financial worth. It probably does not make financial sense for your father as the named executor of your brother’s will to initiate such a proceeding. Instead, it probably is best to let a creditor (presumably the lender) initiate such a proceeding. If your father has not done so already, he has an obligation to file your brother’s will with the probate court.
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