Legal Question in Wills and Trusts in Michigan

Inheritance of rental homes with mortagages

My father owns 6 rental houses that are in a trust, plus his house. All 7 houses all have mortgages with little to no equity. There are 3 of us kids that will split his estate, which after funeral costs will be $20K cash plus the 7 houses. The other 2 kids have no job nor money, but I do. I have great credit, have savings, etc... I am to be executor of his will, and am concerned about how this will affect me. Do I want/have to take this inheritance? Could it affect me negatively? Could I personally be liable for any of his debts or payments to the bank for these loans (since siblings cannot get a mortgage/credit), as the executor?


Asked on 6/26/08, 11:29 pm

1 Answer from Attorneys
Ari Berris The Berris Law Firm, P.C.

Re: Inheritance of rental homes with mortagages

You need to seek the counsel of a probate attorney. The questions you ask do not have one answer; 1) is there a will, a trust or other estate planning documents; 2) does any of the family want any of the homes; 3)can they be sold at this time with the state of the economy in Michigan.

While the homes remain part of your father's estate, you as executor or as beneficiary will not have any personal liability. If you wish, please contact me to better discuss your situation and options. Good Luck.

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Answered on 6/27/08, 9:46 am


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