Legal Question in Real Estate Law in Georgia
survivorship
If I leave survivorship of my house to my son, and I die and still owe a mortgage on the house will my son need to pay the mortgage. Or does the estate need to pay the mortgage off and give the house to my son. leaving my other 2 children with less money.
2 Answers from Attorneys
Re: survivorship
Unless your son is on the mortgage, he has no liability to pay it; the estate does. However, as a practical matter, you and/or your son might consider a life insurance policy with a declining payout to match the mortgage balance at the time you pass away. Consult with a local insurance agent.
Re: survivorship
The son may not be personalliy liable, but obviously the lien will stay on the house. He can refinance in his name, as one option, but that is risking whether or not he qualifies. A visit to a lawyer who handles wills and estates will not only answer your questions, but will allow the lawyer to draft a will to accomplish what you want.
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