Legal Question in Wills and Trusts in Florida
leins on a property
My mother is inheriting a house from
her cousin/godmother. There had
been a home equity line of credit
taken out against the property of
which about $75000 is still owed. Is
it the responsibility of the estate to
settle this debt or the responsibility
of the one who inherits it. Also is the
estate required to maintain
insurance on the property prior to it
being transfered to my mother.
2 Answers from Attorneys
Re: leins on a property
i would have to review the wording of her estate plan to answer you question.If you
want to talk to me send an e-mail with with a phone # where I can reach you.
Re: liens on a property
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
Generally, the Will will state whether or not a mortgage is to be paid off prior to distribution to a beneficiary. If it is silent, it is usually not paid and the beneficiary takes the property with the mortgage intact. The personal representative should keep the house insured against all calamaties as part of his or her fiduciary responsibility until it is transferred to the ultimate beneficiary.
Scott R. Jay, Esq.