Legal Question in Wills and Trusts in Arizona
Probate
I parents have both just passed away in the last six months. The only thing they owned was their home. They had no other assets. The home has little or no equity due to market conditions. As the only living relative (daughter) can I sell the home. The mortgage payment are now two months behind. I cannot support that house & mine at this time.
Under these circumstance is probate necessary? I have the home the market as I am a Realtor. Can I even sell it? There is a will, no trust.
2 Answers from Attorneys
Re: Probate
If the equity in the property is less than $75,000 then you can sell the property without opening a probate, but you'll have to wait 6 months from the date of death. In this case, I assume that your parents owned the house together as joint tenants. So you would have to wait 6 months from the date of death of the parent that died second.
If you don't want to wait, then you will have to open a probate.
Re: Probate
I agree with the previous answer with the following additional comments: If your parents left a will, the house will go to the person designated to receive it in the will. Assuming there is no will, then you might want to get a realtor's opinion of the resale value before you open probate. If there is no equity, it would only cost you money to sell it. You have no obligation to pay the mortgage, it is not your debt. But if you want to sell it you would want to avoid foreclosure. I have generally been able to work out an arrangement with the lender in situations like this. You may call my office on Monday if you would like to discuss this further.