If I leave a property to someone, are they responsible to accept that property and/or any liabilities on it?
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If I leave a property to someone, are they responsible to accept that property and/or any liabilities on it?
Asked on August 3, 2011 Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
What do you mean the liabilities? Like a mortgage? Technically speaking an estate is to pay off all the debt owned by the decedent with the assets of the estate before the asset is transferred to the beneficiary. If the estate can not do so - say the estate assets are less than the liabilities - the the executor of the estate must do what is necessary to pay off the debt as best he or she can and that could include selling the property to pay off the mortgage. The lender made the mortgage agreement with you and they can call in the mortgage at your death. Get some legal advice in your area so someone can look at all the facts. Good luck.
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