What to do about a 30-day survivorship clause and reverse mortgage proceeds?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about a 30-day survivorship clause and reverse mortgage proceeds?
A reverse mortgage was completed for my husband’s aunt just prior to her death. The heir of her real property died 28 days after she did. There was a 30-day survivorship clause in the Will. What happens to the reverse mortgage funds that were deposited?
Asked on June 20, 2012 under Estate Planning, New Jersey
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the heir to your aunt's real property who died within 30 days after your aunt's death, his estate under what you have written does not receive the real property or any other asset of the aunt's estate.
With respect to the reverse mortgage funds that your aunt received concerning the real property, you need to carefully read the Will of the aunt as to what is to become of it or how the funds are to be used. In a nutshell, your aunt's Will dictates how her assets are to be distributed and to whom.
I suggest that you consult with a Wills and trust attorney to further assist you concerning your question.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.