8/01/2005

Advice from Nashville's leading Financial Aid Advisor Dave Ramsey

 
Dave Says
By Dave Ramsey
Author of:
Financial Peace and
The Total Money Makeover

"Taking over ill father’s estate"

Dear Dave,

My father has just recently taken ill, and it doesn’t look like he’s going to be able to recover. He has a home that’s bought and paid for and needs some repairs. My sister and I are looking at the possibility of fixing his home up and living there and taking care of him, but we’re not sure yet whether he’ll recover or be able to come home. He doesn’t have a will, and is unable to execute one because he’s comatose. He doesn’t have life insurance either, and we had spoken with an attorney about guardianship, but that would be several thousand dollars. We’re also afraid that the state will be able to come in and take his home away from him.

Linda in Big Rapids, MI



Dear Linda,


You’re right, guardianship isn’t worth it. The house will go to his heirs. You’ll get the house anyway, even without a will, but it will be a lot more hassle. If he comes around and is cogent to make a decision that is a legally binding decision - he knows what he’s doing - in other words, then you get a will executed quick, girl. That will take better care of you as far as him being able to hand this house off to you. 

His heirs will have to pay his bills out of the assets of the estate. If he’s got $20,000 in medical bills, you guys will have to pay those bills in order to keep the house, otherwise the probate court will force you to sell the house in order to pay the estate’s bills. You need an estate attorney advising you.

- Dave

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