What happens if everyone named in the will refuses the inheritance? Do they look at other relatives, or does the government claim it, or some other option?
It depends on the jurisdiction and the type of asset you're talking about and whether it is encumbered by a lien.
LOLOL It's all insanity.
Person leaving land was legitimately insane (personality disorder) and a horrible person. Insanity led to property in four states, most not worth a damn. Current executioner executor is one of two children, neither of whom have made a damn bit of progress towards getting rid of the land in the several years since the death. No liens or mortgages, but due to taxes and utilities and renters who don't pay rent more money goes out than goes in. It's highly likely both children will die before it's settled. After their death it's willed to their children and grandchildren. All of whom have sworn they'll hire lawyers and refuse to accept it. Partly due to the stubbornness that's a family trait but mostly because the original owner really was a horrible person I'd be surprised if any changed their minds.
Edited because of autocorrect, but executioner does have something to do with how I feel about the entire mess.
FTR I have zero problems with someone actually taking out an interest-only or little to no money down mortgage and dying a few years later. If you can get one why not? Especially since the obligation to pay the loan dies with you and it's not like a posthumous foreclosure can ruin your credit or anything. I just think it's probably not the most wise loan for a bank to be making.
Yep. I have a relative who took out a 30 year mortgage on his house at the age of 96. He agreed that he'd likely never live to pay it off but it was the easiest way to get the money he needed.
I feel like my parents are pretty smart about retirement, also they have a good inheritance from my grandparents estate
But they don't own any property. Once they moved to FL about 15 years ago, they have rented ever since in the same apartment. I'm not sure how to feel about this. I kind of wish they would have bought a condo or something. They could have gotten a great deal since the housing market tanked in FL.
The apartment they live has a great view, but there is no washer/dryer, which makes things really difficult for my Mom to have to lug laundry back and worth.
I just want to add that even though you are not responsible for your parents debt, your name can be added to the foreclosure paperwork as next of kin. When my parents home went up for auction, it actually showed my name as the plaintiff on the website. I was just grateful that I wasn't looking for a job at the time. It's possible that I could have fought it, but the whole thing was such a mess that I just wanted to be done with it.