First, thank you for taking the time to read this. Any responses are truly appreciated.
Unfortunately my mother recently passed, and alongside dealing with the grief of her loss I’m also dealing with the financial aspect. I’m in my early 30s/M, not married (yet) 1 child, earning about $65k annual. I ended up coming out of pocket for the funeral (split with my dad - divorced), and paying the mortgage to keep it current, as I do live in the property.
She left behind about $140k in a traditional IRA, which I now have access to in an Inherited IRA. She also had a life insurance policy which I now have access an account of about $160k. Also, after dealing with the back and forth between the bank and probate, I am executor over the house that I live in.
As far as debts - I personally have $24k in student loans, $17k auto loan, and about $5k in credit. The home still has a bit over $150k principal, mortgage payments about $2k currently.
My SO and I currently live separately, however we were planning on moving in together prior to this situation. Now that I’m taking over the property, it would make sense for us to live here together. The mortgage is manageable between us, but I’m wondering if that would be the best route or if we should consider selling at all. Im also trying to figure out how to best manage the windfall vs debts.
I apologize for the rambling.
Submitted October 28, 2021 at 12:27AM by tossitaway5586 https://ift.tt/3vRm1pe
