Legal Question in Wills and Trusts in Maryland
Inheriting a property with lien attached to it
I have been listed as one of the beneficiaries in my father's will. He bequeathed (not sure if that is the correct word) me a farm. Apparently there is a small lien on the property. He died over a year ago. I received a first accounting report and it looks like there is plenty of $ in the estate... A balloon payment on the Farm was due on June 1..but the property has not been transferred to me nor has the Estate been ''approved'' or closed....Am I responsible for the lien? Can the executor just ignore the balloon payment and allow the property to go into delinquent status? When (and how) does the executor finally transfer the property to me? I called the register of wills but am still confused. Any guidance would be much appreciated. Thanks very much for your help.
1 Answer from Attorneys
Re: Inheriting a property with lien attached to it
Your question is a little unclear. A personal representative is under a general duty to settle and distribute the estate of the decedent in accordance with the terms of the will and the estates of decedents law as expeditiously and with as little sacrifice of value as is reasonable under the circumstances. In other words, he is not supposed to let any property lose value, just like a reasonable person would.
I would need additional information to determine whether a reasonable person would pay a balloon mortgage payment. It would interesting to determine how a balloon payment may affect the interests of others in the estate.
You should consult a legal professional. You may be advised to ask the personal representative for an advance payment for payment for the balloon mortgage. You may be advised to object to the proposed distribution. You can be advised as to certain circumstances when a personal representative may be required to pay a lien.
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