[WSBAPT] Primary Home and Creditors of Estate

[Paul Grant]

Hi All,


I have a client whose only asset after a spouse died is the home.  A small
mortgage but maybe worth 300k in equity.  Really no other assets (no
retirement, savings, LI, etc).  We anticipate several creditors to make
claims and most are comm prop debts.  Will gives all to remaining spouse.


I am mildly confused of where we stand with such a scenario.  I see that
we can exempt up to $125k, yet this is the surviving spouse's house.  I
have not dealt with this scenario before and am really unsure what to
expect when it is time to "divide" the estate to creditors.  We do have an
asset but???  To the point: is there any greater protection for a
homestead than the $125k?  I cannot imagine public policy allows the court
to sell the home out from under the surviving spouse if that is the only
place to live.


Your thoughts are greatly appreciated.  Thanks,


Paul H. Grant - JD, LL.M

Planning with Purpose, Inc
Lynnwood, WA 98036
425-939-9948
www.planningwithpurposeinc.com

Estate Planning. Business Planning. Wealth Succession.


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