At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate. The designation is both an honor and an obligation.
One important aspect of estate planning is deciding what will happen to your home after you die. The answer might be fairly cut and dry if the home is fully paid for. If it’s not, though, you’ll need to consider the financial ramifications for your estate and for the person who inherits the home.
According to a Caring.com survey, only 4 in 10 American adults have a will or a living trust. And what may be even more surprising is that younger adults are outpacing their middle-aged and older counterparts when it comes to estate planning.
If you are concerned about incurring debt after a family member’s death or are worried how your own debt will impact your family, here are some things you should know.
What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage? We’ll explore these and other questions you may have below.
Depending on whether you are the only beneficiary, or you are buying out other beneficiaries, you could move in, rent or sell.