What to do about a mortgaged house that is in an estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about a mortgaged house that is in an estate?
I have enough money in the estate account to cover the mortgage. Do I have to pay off the mortgage and put home in the beneficiary’s name or can I wait until the house is sold?
Asked on March 13, 2011 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your loss. May I suggest that you get some legal advice from an attorney who can look at the entire estate holdings and guide you? Generally speaking I do not think that it is a good idea to wipe out an estate account. Also, you really have not given any information as to the details of the Will and the wishes of the decedent as to the distribution of the assets. And the information you do give conflicts: is the house to be sold or is it to be transferred to someone as per the Will? If you are selling it then you do not need to transfer it until it is sold (and you would not do it twice and incur debt for the estate twice with legal fees, etc.). Get help. Good luck.
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.