I want to leave 50,000 to my daughter specifically to pay her mortgage.
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
I want to leave 50,000 to my daughter specifically to pay her mortgage.
I am from Pennsylvania. I want to leave my daughter 50,000 specifically to pay
her mortgage. Whatever is left, she can spend as she sees fit. What is the best
way to do that?
Asked on January 16, 2019 under Estate Planning, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You can have a will which states something to the effect of "To my daughter [insert name], I leave $50,000.00 but direct the executor of my will to use this money to pay any remaining principal balance on my daughter's mortgage. Any amount remaining from the $50,000 after paying the principal balance of the mortgage shall be distributed to my daughter." The executor will then be obligated to make the payment for your daughter, and only release any surplus to her. To best do this, name someone other than your daughter as executor, so your daughter will not control the use of the money.
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.