Executor of an Estate & Property questions

[paulie6519]

My mother passed away in August of this year. I plan probate the will next week. I am the executor of her estate. Howevr, in the will my motherstated that her house is to be divided among the three children. As executor of the estate, do I have the authority to make the decisions on whom gets what. Also, once the will is probated can the house be listed or deed be changed to one of the childrens names or does it have to have the three names of the children on whom the house was left? To simplify, as executor, can I only list my name on the revised deed after I probate the will? Thank you.

 

[army judge]

No, if one of you wants to keep the home, you must buy the others interests out. If you can't agree, the court will order the home sold, and the proceeds divided amongst the three heirs. The home is bequeathed to the three of you via her will. Thus, all names are required to go on the deed. You each own one-third of all assets and real property. You must agree as to who takes her yearbook, her hope chest, all of her trinkets.


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[paulie6519]

Thank you. But it is more complicated. My mother took out a reverse mortgage on the home. I am living in the home and I will be paying the reverse mortgage off. Therefore, doesn;t that entitle me to the home? Also, what if the other siblings forfiet their right to the home? if they put their name on the deed then, wouldn't they be responsible for the taxes and up keep etc? They don't want any part of th etaxes, upkeep or any debts etc... If the other siblings put their name on deed, wouldn't that make them responsible for the loans and debts against the property? Which could affect their credit etc/?

 

[paulie6519]

Essentially, if I decided not to pay off the reverse mortgage, they would foreclose on the property..Therefore, they want no part of any debts or even the house so what do I do?? Do you have to get a affidaid stating they have no interest in the property, Basically, the finance co owns the house.. If I don't pay off the mortgage, then no one gets anything anyway?

 

[army judge]

Reverse mortgages are very complicated.
First of all, you can't just assume a reverse mortgage, unless you qualify for it. That means you must be a certain age. It also means declining equity (ownership) monthly in the home.

I suggest you consult with a wills/trusts attorney in your area. If you screw this up, you could potentially get sued by one of your siblings. You will likely need to renegotiate the reverse mortgage into a conventional mortgage, if that is even possible.




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[disagreeable]

At this point, you want a written agreement in place to handle the property valuation before you buy out the reverse mortgage. For example, if the home is worth 100k at appraisal and the reverse mortgage is 55k, you each have an interest of 15k, assuming the property could be easily sold and the mortgage paid off.

 

[lwpat]

I agree with disagreeable. You first need to know how much the house is actually worth in today's market. There may well be more owed than the house is worth. If that is the situation and there are no other assets in the estate, then letting them foreclose may be your best option. You could probably live there for several months before you have to move elsewhere. If there is equity in the home and the others are agreeable, they can execute a quit claim deed to you and then you and the mortgage company would own the home.