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They claim they can't afford one since they have no assets (except for one or both of these houses) and very little income (just small SS checks); no cash reserve at all. Hence my asking!
Lawyers usually have a consult which is free or low cost. They really could use legal advice.
How are they paying the mortgage for the house in his mothers name? Didn't the mortgage company want the account closed out when she died?
I have a feeling that They will have to pick one house to keep to live in, the other would have to be sold to use to pay for medical care.
In the end, neither kid will inherit a house from them, they may be left with one house that they can sell to split between the two adult kids who are expecting an inheritance.
I have no idea about the mortgage. I suppose they're paying it in their own names? I really don't know; only had one myself for a few years before paying off my first house.
I have no idea about the mortgage. I suppose they're paying it in their own names? I really don't know; only had one myself for a few years before paying off my first house.
An executor would be authorized by the court to settle debts/pay ongoing bills on behalf of the estate, including mortgage payments. This would be duly noted on the checks/transfers.
I mean, there was only one survivor -- the MIL's only child. I don't know that there was an "executor" or even that there was a will. Obviously, her only child would inherit everything.
But, again, they just never changed the name on the deed.
I'm not a probate lawyer, have never played one on TV, nor did I stay at a Holiday Inn Express last night - but - I have been involved in probating a number of estates in my and my spouse's family. We had a similar situation come up just a few month's ago over the spouse's father's estate. He died intestate and had nothing in the way of personal possessions, so it was pretty easy to deal with.
I would think that even if the title/deed/whatever wasn't conveyed to the child, if the estate was probated after all the obligations were settled anything remaining would automagically convey to the child.
Regardless, consult a local probate or real estate attorney. Money well spent.
How do they insure something not in their name? If something happened they are up schitt's creek. Defraud the gov at your own peril.
Do we produce the deed to prove we own a place before insuring it? I honestly can't remember...
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