Legal Question in Wills and Trusts in Indiana
I'm executor and personal rep of my grandfather's estate. Myself, husband and 2 grown kids and grandmother (who I'm poa for) are thr only heirs. Some of his assets are in a trust including her and grandma's home. I live and pay mortgage on another home that is in my grandfather's name only and still owe 65,000. Value of home around 90,000. In his will he stated this home to go to me outright with the mortgage. Since it will be involved in the probate process I'm wondering how it will play out with the bank that his the deed? Can I assume mortgage and have deed transferred in my name? WI'll his estate have to pay off the mortgage and me buy it or refi? Do I keep making the mortgage payment like normal? This is in indiana.
2 Answers from Attorneys
Take the will to a lawyer. You will have to have one, and that lawyer can answer your question.
Most likely the house will have to go through the probate process and you will need to make arrangements with the bank to transfer the mortgage. You should keep making payments or else the bank could foreclose. Most likely the estate will not pay off the mortgage.
All of this requires probate proceedings. You will need to contract a probate attorney to make all of this happen correctly.
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