Full question:
My friends husband died. He did have a will leaving her everything. The home was his before marriage thus the deed is in his name only. Upon marrying did she acquire 50% interest in the home?? The estate will be insolvent unless the home is sold, and she doesn't want to sell.
- Category: Wills and Estates
- Subcategory: Creditors of Estate
- Date:
- State: Kentucky
Answer:
If he left everything to the Spouse then it included the house if it was only in his name. The house passed to her at his death. All personal property and assets would be used to pay debts before any real estate. Also, if the estate is insolvent, there may be an option to keep the home as an excemption.In addition if this was the homestead it may be exempt from execution by creditors of the estate under Kentucky Exemptions. See http://www.lrc.ky.gov/statutes/statute.aspx?id=18540
Claims can also be compromised with the Creditors if agreement can be made.
396.145 Compromise of claim.
When a claim against the estate has been presented in any manner, the personal
representative may, if it appears for the best interest of the estate, compromise the claim,
whether matured or unmatured, absolute or contingent, liquidated or unliquidated.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.