Legal Question in Wills and Trusts in California
My dad has passed and his wife got the house but has not job and cant pay the mortgage, she is a professional horder has tons of money from his stocks but wont cash them in. Is there any way I can save what my dad worked so hard for all his life???
3 Answers from Attorneys
More information would be needed to understand the situation better. You say his wife got the house, but was that through joint tenancy or by a will or trust? That would also apply to the stocks and bonds. You need to consult with an attorney who can review documents and give you more specific advice.
Interesting. I can think of two possible solutions (they are both complicated and expensive). If Mom is sufficiently nutty that she can't take care of herself, investigate "conservatorship." Also, any creditor of hers can initiate an involuntary bankruptcy that would force her to sell assets to pay debts. Like I said, these are both extreme measures and if I were you I would consult a shrink.
You could pay the mortgage, but that wouldn't mean she'd leave it to you, unless you can negotiate an agreement with her that she will do so if you keep paying the mortgage until her death or paid off (will contract). This could only work if she is competent and you would probably need to be separately represented, esp if she has other possible heirs.